NEWS UPDATE: Trust posts 79 per cent half-year profit rise
Financial services group Trust Company has reported a 79 per cent increase in net profit to $19.1 million for the half-year ending August 2008, driven largely by the sale of its BNY Trust joint venture interest.
Trust also posted ongoing operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of $10 million for the half-year, up 2 per cent from the previous corresponding period.
However, outgoing managing director Jonathan Sweeney warned that the company’s EBITDA “could potentially be 5 to 10 per cent lower for the financial year 2009”.
“Our first-half result was pleasing and above expectations, however we continue to experience extreme and unprecedented levels of investment market volatility,” he said.
Fund management revenue “held up well” during the half-year, mainly on the back of Trust’s cash management trust product, according to Sweeney, who announced his departure in July.
He said Trust had also “achieved solid growth” during the half-year in its personal injury business, while its estates and trusts and philanthropy businesses “performed in line with expectations”.
Meanwhile, Trust announced today that Sweeney, who will remain with Trust as managing director until January next year, will be succeeded by John Atkins, formerly of Blake Dawson.
Recommended for you
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Steve Kuper to dive deep into the recent US election results and what they mean for the world.
