EQT Holdings Limited (EQT), the holding company for Equity Trustees, has announced a 12.7 per cent increase in net profit to $22.2 million for the end of FY18/19, but funds under management decreased to $84.9 billion.
Growth in basic earnings per share rose 11.7 per cent, while revenue increased 4.6 per cent and expenses only grew by 2.4 per cent.
Jeff Kennett AC, EQT chairman, said: “Equity Trustees has produced another strong performance and is continuing to deliver for all stakeholders in a changing and sometimes difficult environment for financial services.
Mick O’Brien, managing director, said the business was targeting opportunities in Australia and overseas to grow and leverage its independent model.
He said this expansion was on track, having had won large US and UK clients and was well placed for any Brexit outcome.
“The investment we have made to support the potential growth opportunities means that we expect earnings growth to be weighted towards the second half of the 2020 financial year,” O’Brien said.
“Our independent model is increasingly sought in an industry undergoing substantial realignment and positions us well for future growth.”