Equity Trustees result better than expected
Equity Trustees has turned in a better than expected half-year result, albeit 10.8 per cent down on the same period a year earlier.
The company announced to the Australian Securities Exchange today that it had produced an unaudited net profit after tax of $3.7 million which, while down 10.8 per cent, was “considerably better than the market guidance issued in November of a decrease of the order of 20 per cent”.
Commenting on the result, Equity Trustees chairman Tony Killen said the better than expected result was due to a combination of stronger investment markets in the December quarter and revenue gains from new business.
“We have seen a pick-up in new business enquiries in the December quarter, which augurs well for the second half,” he said.
The company confirmed that its managing director, Peter Williams, would be retiring at the end of February and would be succeeded by Robin Burns.
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Mike Taylor
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