EQT reaps benefits of AET acquisition

Equity Trustees’ acquisition of Australian Executor Trustees (AET) has paid dividends with the company reporting a 23.1% increase in revenue to $174 million underpinning a 10% increase in net profit after tax to $20.7 million.

Commenting on the full-year result released to the Australian Securities Exchange (ASX), EQT managing director, Mick O’Brien said it had been a strong year for the company.

“These results reflect a full twelve month contribution from AET realised revenue synergies and strong organic growth in both Trustee and Wealth Services and the newly combined Corporate and Superannuation Trustee Services business,” he said.

The Board declared a dividend of 53 cents taking the full year dividend to 104 cents.

O’Brien said the outlook for the Group was positive with its transformed structure, enhanced digital capability and enlarged footprint providing a solid basis for growth.

“The outlook for FY25 benefits from the scaling down of on-off costs related to the integration of AET and our substantial technology investments, and the exit from Ireland and the UK,” he said.

“The industry fundamentals continue to favour our specialist trustee model, despite increasing regulatory intensity.”