Equity Trustees: strong revenue growth despite failed merger move
Equity Trustees has posted double-digit revenue and net profit growth for the second half of last year despite an unsuccessful merger attempt with The Trust Company.
The unaudited figures were released to the Australian Stock Exchange today by Equity Trustees, which stated it had increased revenue by 16.3 per cent and net profit after tax by 21.6 per cent for the six months to 31 December last year compared with the prior corresponding period.
Equity Trustees stated the figures were unaudited and that final audit results would be available at the end of this month. However operating revenue, operating profit before tax and after tax and net profit after tax had all increased for the six months to the end of December last year. Operating expenses and income tax expenses had also climbed and restricted earnings per share growth, which moved from 49.3 cents to 58.3 cents from end of 2012 to the end of 2013.
Equity Trustees chair Tony Killen said the full year operating profit projection would likely follow the same pattern and be 10 to 15 per cent above the prior year.
“This result was achieved during a period when there was significant time and resources allocated to revenue and efficiency projects as well as the Trust Company initiative,” Killen said.
Recommended for you
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
