Equity Trustees result better than expected
Equity Trustees has turned in a better than expected half-year result, albeit 10.8 per cent down on the same period a year earlier.
The company announced to the Australian Securities Exchange today that it had produced an unaudited net profit after tax of $3.7 million which, while down 10.8 per cent, was “considerably better than the market guidance issued in November of a decrease of the order of 20 per cent”.
Commenting on the result, Equity Trustees chairman Tony Killen said the better than expected result was due to a combination of stronger investment markets in the December quarter and revenue gains from new business.
“We have seen a pick-up in new business enquiries in the December quarter, which augurs well for the second half,” he said.
The company confirmed that its managing director, Peter Williams, would be retiring at the end of February and would be succeeded by Robin Burns.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
