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 week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
