In line with the unaudited results announced at the beginning of August, Equity Trustees yesterday posted an $8.7 million NPAT for 2012/2013 – up three per cent on the prior corresponding period.
The firm also confirmed operating revenue of $46.8 million (up nine per cent), operating expenses of $33.9 million (an increase of six per cent on last year) and operating profit of $12.9 million (up 18 per cent).
Equity Trustees managing director Robin Burns said the NPAT result was “pleasing”, although it was impacted by the “transaction costs relating to the company’s off-market takeover offer to acquire the shares in The Trust Company”.
But despite The Trust Company (TRU) entering into a scheme implementation agreement with Perpetual Limited (PPT) on 7 May 2013, the $1.16 million outlay by Equity Trustees may not end up being in vain.
The Australian Competition and Consumer Commission (ACCC) expressed some concerns with the proposed TRU/PPT merger on 1 August and will make its final decision on 19 September.
Commenting on the results as a whole, Equity Trustees chairman Tony Killen said the increased operating margin of 27.7 per cent (up from 25.6 per cent) was reflected in the operating profit before tax figure.
“Both our Private Wealth Services and Corporate Services units have performed well and overall, there was strong growth in total funds under management and administration, as well as organic growth in client numbers,” added Mr Killen.
The Equity Trustees board announced a fully franked final dividend of 50 cents per share, giving a fully franked dividend for the 2012 year of 92 cents per share.
