Restructure helps improve EQT profit
EQT Holdings [Equity Trustees] saw a 16 per cent growth in net profit after tax (NPAT) to $15.4 million for the year to 30 June, which was significantly helped by the business’ restructure and repositioning.
The board also declared an increased final fully franked dividend of 36 cents per share, which was two cents higher than the 2016 final dividend, and brought the total dividend for the year to 71 cents.
The company said it saw a six per cent growth in its funds under management, administration, advice and supervision as well as strong performance by Corporate Trustee Services, improving momentum in Trustee and Wealth Services and a four per cent reduction in operating expenses.
EQT’s chairman, Tony Killen, said that the company’s strong balance sheet coupled with low gearing would help drive the next phase of growth as EQT was considering to pursue growth within both existing and business and through potential partnerships and acquisitions.
“The significant improvement in underlying profit reflects the hard work taken to restructure and reposition the business,” he said.
“The benefits of the restructure are still accruing and EQT is targeting further improvement in net profit after tax for 2018.
“The integration of the Sandhurst Trustees trusts and estate business, acquired during the year, was completed on time and budget, and is already contributing to our bottom line.
“Our focus is on target markets where we see strong opportunities to leverage our position as Australia’s leading independent, specialist trustee company.”
AUTHOR
Oksana Patron
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
