Equity Trustees lifts profit 13.8 per cent
Equity Trustees (EQT ) has delivered a solid six-month result, with net profit after tax rising 13.8 per cent to $4.4 million to result in an interim dividend of 42 cents per share.
Commenting on the result, Equities Trustees chairman Tony Killen said he was particularly pleased that the company had achieved both organic revenue growth and improved margins.
He said the company's recent acquisitions and other strategic initiatives had also contributed, including the restructuring of the business into two focused units — Private Wealth Services and Corporate Financial Services.
Equity Trustees chairman Robin Burns said the company had started the second half positively underpinned by strong growth in funds under management and administration (FUMA).
He said that over the past 12 months FUMA had grown in excess of 30 per cent to $28 billion.
Burns also commented on the company's takeover bid for Trust Company, saying the market had responded well to the announcement.
"It is not just our view but also that of market observers and many of the interested shareholders with whom we've now spoken, that this takeover offer makes compelling strategic sense for both EQT and Trust Company," he said.
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