Australian Unity posts solid result
Australian Unity has posted a 31.7 per cent increase in full-year profit after tax to $46.8 million with its wealth business making a solid contribution.
The company said the result had been achieved on the back of a 34.2 per cent increase in revenues to $2.05 billion.
It said that in its advice-focused Personal Financial Services business funds under advice grew by 8.4 per cent to $6.53 billion with loans under advice up 3.6 per cent to $824 million.
The company’s Australian Securities Exchange (ASX) announcement said that the business achieved a significant milestone during the year with Australian Unity Trustees Limited being established and successfully obtaining its license to provide traditional trustee services.
It said this meant Personal Financial Services was able to provide end-to-end financial advice which would support the development deeper intergenerational relationships, service delivery to elderly and disabled clients, while also offering a more compelling proposition to referral partners.
It said total segment revenue was $65.8 million which was a marginal increase compared to the previous year, however the Personal Financial Services platform’s adjusted EBITDA decreased to $1.9 million for the year impacted by significant investment and restructure costs involved in preparing the Trustee Services business.
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Private equity giant TA Associates has made a strategic investment of an undisclosed sum into a major Australian wealth and investment player.
Shaw and Partners chief executive, Earl Evans, has said the firm is seeking to double the assets under management at its latest New Zealand acquisition ISG, having made the “left field” decision to embark on overseas M&A.
Advice licensee Count has seen an appeal filed to a class action against it which was dismissed earlier this year.
