Equity Trustees confident on full-year result

Peter Williams

Equity Trustees has reported a strong half-year result with a 39 per cent increase in net profit after tax and an 18 per cent increase in operating revenue.

Equity Trustees managing director Peter Williams said the result was based largely on organic growth, with the full-year benefit of recent acquisitions yet to be realised.

“Our organic growth profile remains strong, with contribution from all business units,” he said. “Our Fund Services and Superannuation business units recorded increases in operating revenue in excess of 30 per cent, while Funds Management was up by over 20 per cent.”

Williams said that Equity Trustee’s private client unit was slightly down on last year but that the result did not take account of some significant work undertaken in the Estates area, the revenue from which would not be recorded until the second half.

“Recent acquisitions including Freedom of Choice and Mutual Benefit Consulting are being integrated successfully,” he said.

Equity Trustees chairman Tony Killen said the company remained cautiously optimistic about its full-year result and that, subject to there being no further significant market corrections, he forecast full-year earnings after tax, inclusive of investment gains, to increase by approximately 30 per cent.