Equity Trustees posts solid first-year results
Equity Trustees has reported an increase in net profit after tax to $3.9 million for the six months to 31 December 2011.
The results reflect a 4.6 per cent increase in revenue compared to the same period in 2010 ($3.7 million).
The group's latest acquisitions - Apex Super Fund in November 2010 and Lifetime Planning/Tender Living Care in August 2011 - are performing well and have helped to spur on the strong performance, Equity Trustees chairman Tony Killen said.
Commenting on the strong growth of the newly-acquired businesses, Equity Trustees managing director Robin Burns said underlying client activity is strong and business development initiatives are paying off.
"It is disappointing that we don't yet see the benefits of this fully showing up in top line numbers due to the impact of lower markets, but the company remains well positioned for future growth, is debt free and is alert to potential development opportunities," Burns said.
Equity Trustees has undertaken a review of internal structures which will be implemented during the remainder of the current year. The changes will help to deliver a stronger client focus and assist in the development of a number of long term business strategies, Burns added.
The company also announced that it will pay future dividends to shareholders at 70 to 90 per cent of earnings per share (EPS), which rose from $43.85 million in the six months to 31 December 2010 to $45.08 according to these latest results. As a result, Killen said that he expects the interim dividend to be reduced from 50 to 40 cents per share, fully franked.
Formal confirmation of the interim dividend will be made when the audited financial results are released on Monday 27 February 2012.
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