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Specialist trustee announces ‘excellent’ results

3 minute read

The managing director has described Equity Trustees’ recent financial performance as “excellent”.

In an ASX listing, Equity Trustees reported revenue growth of 26.8 per cent to $141 million, accompanied by an underlying net profit after tax of $29.1 million, up 19.4 per cent on the year.

Funds under management, administration and supervision added 7.5 per cent on the prior year to reach $160 billion.

“This is an excellent result that showcases our broad strength and success of our growth strategy,” said managing director Mick O’Brien.

“The acquisition of Australian Executor Trustees (AET) during the year has been a great success and its integration with Trustees and Wealth Services (TWS) is proceeding well.

“This, together with another stronger performance from our Super business [Superannuation Trustee Services (STS)], helped drive higher revenues.”

As a result of its “excellent” result, Equity Trustees announced a final dividend of 50 cents per share, making a total dividend for the year of 99 cents.

Business units show strong performance

Equity Trustees’ TWS business increased revenue by 48.1 per cent to $76 million, with strong organic growth reported across all aspects of the business.

“The AET integration continues to progress smoothly, and we believe this acquisition will deliver higher-than-expected revenue and capital synergies,” said Mr O’Brien.

As for STS, it reported revenue growth of 21 per cent driven primarily by new appointments as trustees.

Moving forward, Mr O’Brien said: “The underlying fundamentals of the business remain strong and the outlook is positive, with solid growth in both clients and funds set to continue.”

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic

Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.