Acquisition buoys Equity Trustees profit

Acquisition buoys Equity Trustees profit

Equity Trustees has recorded a net profit after tax of $17 million for the year ending 30 June 2015, up from $9.7 million for the previous 12 months.

The wealth management firm’s net profit after tax increased by 75 per cent on the previous 12 months.

Equity Trustees chairman Tony Killen said: “The integration of ANZ Trustees (now known as Equity Trustees Wealth Services Limited) has been successfully completed and both our business lines continued to generate substantial organic revenue growth."

Equity Trustees recorded an operating profit after tax of $21.2 million for the year end, up from $10.4 million for the previous 12 months.

The firm’s operating expenses increased 42 per cent to $55.3 million, with operating revenue coming in at $84.9 million.

Commenting on the acquisition of ANZ Trustees, Equity Trustees managing director Robin Burns said the company has been pleased with the completion of the integration project.

“We have achieved the goals we set out during the acquisition process – in the timetable, synergies and costs to complete,” Mr Burns said.

“As I said at the time, the business we acquired is a very close fit with our long-term strategic plan and came across with a high-quality client and revenue base."

Mr Burns indicated that the firm’s operating margin for the year was 35 per cent, up from 27 per cent for the pre-acquisition period.

“The company continued to invest significantly in developing growth initiatives, and as a result positive traction in new private client numbers have been evident, which augurs well for the business’ longer-term health,” Mr Burns said.

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