In a statement on the Australian Securities Exchange (ASX), EQT announced a NPAT of $8.7m, a 3 per cent increase from the $8.4 m recorded in the previous year.
“We are very pleased that our final result for the year has come in ahead of our earlier expectations,” EQT chairman Tony Killen said.
“Both our main business units have shown strong progress and momentum during the year and we are in the midst of an exciting development programme for our private wealth unit which we expect will deliver considerable benefits over future periods.”
“Although our bottom line number has been affected by the substantial expenses associated with our bid to take over TRU, the strong top line growth means we have still managed to record an increase in NPAT compared to the prior period.”
The result is also ahead of EQT’s forecast for the full year announced in April, which anticipated operating profits to be more than 15 per cent ahead of the prior year, with the actual result recording an increase of 18 per cent on 2012.
EQT also saw a 9 per cent increase in revenue growth despite increasing costs arising from the FOFA and stronger super implementation as well as major projects.
“Given the strength of our underlying operating performance it is expected that when the final audited results are confirmed and realised on 29 August 2013, we will also announce a final dividend of 50cps, up 5 cps (11 per cent) on the prior year,” Mr Killen said.
“Together with the lift in the interim dividend to 42 cps, this will mean that the 2013 full year dividend of 92 cps is up 7 cps (8.2 per cent).”
“This is slightly above the upper limit of the dividend payout range of 90 per cent, but acknowledges that the TRU acquisition expenses are one-off.”
EQT also made note that its full year fully franked dividend yield will be 6.2 per cent, compared with Perpetual, its competition for the TRU acquisition having an implied yield of only 2.3 per cent on the same basis.
The results come after the ACCC expressed concerns about Perpetual’s proposal to acquire TRU.
