Equity Trustees has upgraded its operating profit before tax forecast for the year ending June 30, projecting a 66 per cent increase on the previous year.
The group now forecast an operating profit of around $11 million, compared to the $9.5 million given in its December update and $6.62 million in the the previous corresponding period (pcp).
After adding forecast profit on the sale of investments, reported profit before tax is expected to be around $11.7 million, compared to $7.2 million in the pcp.
Full year revenue is forecast at around $32 million, which would be 29 per cent higher than the previous financial year.
"The group has been winning revenue at a faster rate than expected and markets have been very kind to us," managing director Peter Williams said.
On an after-tax basis the latest forecast of operating profit represents earnings per share (EPS) of approximately 99 cents per share, a year on year increase of around 54 per cent, while the addition of forecast profit from the sale of investments lifts forecast EPS to 105 cents per share.
Equity Trustees opened its Queensland office the end of 2006 and recently announced an intended acquisition of Australian Unity Investments' Freedom of Choice Superannuation Masterfund and the Freedom of Choice Portfolio Service (IDPS).
There are approximately 5,500 members across both the fund and IDPS. The transfer would add $150 million in funds under management to Equity Trustees' corporate superannuation business, which already manages in excess of $400 million.
"We continue to look for bolt on opportunities for both our superannuation and private wealth businesses," Williams said.
Forecasts are based on trading in the nine months to the end of March and Equity Trustees projections for the remaining three months of the year.
