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. 

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