Equity Trustees records increased net profit
The holding company for Equity Trustees, EQT Holdings Limited, has recorded a net profit after tax attributable to shareholders of $11.2 million, an increase of 17.3 per cent for the half-year to December 31.
Chairman Jeff Kennett said it was a strong result that demonstrated the success of the EQT’s business model.
“The longstanding focus of Equity Trustees on trust and governance is standing us in good stead in the current financial services environment,” he said.
“The industry upheaval is favouring our business model, and the Royal Commission findings are aligned with our strategy.
“This is an excellent result for shareholders, but also delivers for all our stakeholders.”
Equity Trustees also recorded increased revenue of up to 7.2 per cent to $46.3 million and dividend shares also increased by 10 per cent to 44 cents per share.
Managing Director Mick O’Brien said the combination of organic growth and expansion through acquisitions and partnerships was underpinning the group’s consistent performance.
“Our Australian businesses performed well, and our Ireland expansion program is on track, winning some significant clients and showing improving growth in the UK and Ireland,” he said.
“The outlook is encouraging for the remainder of FY19 and beyond, with attractive industry fundamentals and a substantial and growing pipeline of opportunities, noting that volatility in investment markets will continue to have an effect on earnings.
“The challenge now is to ensure we have the resources and capability to manage that growth, so we are selectively increasing our investment in people and technology to achieve this.”