Australian Unity reports growth across businesses
Australian Unity reported an increase in revenue from $617 million in 2009 to $934 million for the 12 months to June 30, 2010, and a profit after tax of $17.1 million.
Commenting on its annual results, Australian Unity group managing director Rohan Mead stated that there was strong growth across the businesses, supported by strong foundations, products and services, and its successful merger with Lifeplan Funds Management.
“Our steady approach in the last two years has been to continue to invest, even in adverse conditions, in order to strengthen the foundations that will allow us to further grow the business,” he said. “Pleasingly, during the last year we grew operating earnings from $9.9 million to $23.7 million.”
Its investment business grew funds under management by 78 per cent, from $5.8 billion to $10.3 billion, while its market share in this sector has grown by over 450 per cent (from less that 0.2 per cent to 0.9 per cent) in the last five years. Funds under advice increased 29 per cent to $582 million (up from $451 million in 2009).
Mead noted that its health business has performed “extremely” well, reporting a 57 per cent increase in adjusted earnings before interest, tax, depreciation and amortisation to $51 million.
“Much of Australian Unity’s growth was in the continual development of new activities within existing businesses creating additional and stronger opportunities for further growth,” said Mead.
The group has just launched its institutional unlisted property fund, Australian Unity Retirement Village Property Fund.
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