Trust Company secures solid profit result
Publicly-listed financial services group, The Trust Company has reported a 7 per cent decline in net profit after tax to $11.7 million for the financial year ended 28 February.
The company is currently the subject of an off-market takeover bid by Equity Trustees.
The company’s full-year period announcement came at the same time as it noted the formal departure of its chief executive, John Atkin with its interim chief executive, Shailendra Singh fully taking the reins of the organisation from today.
The company’s results announced, released to the Australian Securities Exchange today, said its annual results had been impacted by non-recurring items in the first half and that normalised net profit after tax was up 3 per cent from $11.6 million to $12 million.
Commenting on the result, new chief executive, Singh said the company was pleased with the positive momentum demonstrated across the business in the second half of the year.
He said the corporate client business had delivered another strong performance and the company as pleased to see increasing momentum in the personal client business, particularly in response to its enhanced investment management capability.
Looking over the horizon, Singh said the outlook for the company in the new financial year was favourable with positive momentum having been recently demonstrated in the second half results.
He said profit growth would be skewed towards the second half due to the seasonality of the business, the timing of initiatives and defence costs relating to the off-market takeover bid by Equity Trustees.
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