Equity Trustees flags growth by acquisition
Peter Williams
Equity Trustees has recorded its highest ever level of revenue and profitability since its founding in 1888, with the company reporting a 58 per cent increase in net profit including profit on the sale of investments to $8.1 million.
At the same time as announcing the strong result, Equity Trustees has flagged acquisitions as key to further growth.
Equity Trustees chairman Philip Molyneux said it was the fourth successive year of strong gains and the second year in a row in which the company had set a record benchmark of performance.
“Our revenue growth remains strong across all business units and our management team continues to manage costs prudently,” he said.
Equity Trustee managing director Peter Williams attributed the result to organic growth.
“While markets have broadly been favourable, the level of organic growth in all business units has been strong,” he said.
“The diversity of our business lines enables us to leverage changes that are occurring within the broader financial services landscape,” Williams said. “For example, both our funds management and fund services business units have attracted demand from global and domestic investment managers seeking access to Australian markets.”
AUTHOR
Mike Taylor
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