Equity Trustees posts record profit
Jeff Kennett
Equity Trustees has announced a record result in terms of its full year profit, posting a 29.7 per cent increase in net profit after tax to $10.6 million.
This represents a fully franked dividend of 110 cents per share for the full year, which is a 46.7 per cent increase on its 2007 dividend.
Attributing the result largely to its acquisition strategy during the last financial year, the company highlighted its Freedom of Choice, Mutual Benefit Consulting, Templetons Superannuation Management and Holdfast Fund Services businesses as making a positive contribution to the end result.
As such, it intends to continue its approach of sourcing appropriate acquisition opportunities, however admitted that its outlook for 2009 remained “extremely cautious” due to market volatility.
In other news for the company, Equity Trustees has appointed former Victorian Premier Jeff Kennett to its board as a non-executive director following the retirement of Philip Molyneux.
Kennett served as Victorian Premier for seven years from 1992 and has also held a number of ministerial roles during his 23-year career in the Victorian Parliament.
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