EQT Holdings delivers 28% rise in FY18 profit

22 August 2018
| By Nicholas Grove |
image
image
expand image

EQT Holdings, the holding company for Equity Trustees, has announced a 28 per cent rise in net profit for fiscal 2018 to $19.7 million, after all areas of the business witnessed strong growth due to acquisitions, partnerships and organic growth.

The company declared a final dividend of 42 cents a share which brought full-year dividends to 82 cents, up 11 cents on fiscal 2017.

Earnings per share rose 26 per cent to 97.3 cents a share, while funds under management, advice, administration and supervision rose 21 per cent to a record $86 billion, EQT said in a statement to the Australian Securities Exchange.

EQT managing director, Mick O’ Brien, said the company was experiencing strong momentum, with revenue from Trustee and Wealth Services up 11 per cent, and revenue from Corporate Trustee and Fund Services up 10 per cent.

“This performance was also supported by a material fall in non-operating costs,” O’Brien said.

“We have generated significant growth in returns for shareholders, improved our client satisfaction results, increased our employee engagement, and provided a substantial contribution to the community through our philanthropic granting and trusted services,” he said.

“The result confirms our strategy of focussing on what we do best – providing specialist fiduciary services.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago