The Trust Company improves FY profit

Company News

The Trust Company Ltd (ASX:TRU) has announced that its annual profit improved 4 per cent to $11.3 million in the 12 months to 28 February 2011.

In the 2010 financial year the independent professional trustee says revenue was up 6 per cent to $60.2 million.

Operating earnings before interest, tax, depreciation and amortisation grew 13 per cent to $17.7 million.

The Trust Company attributes the result to strong revenue growth in corporate client services, but says personal client services remained subdued.
In March The Trust Company completed its $31.6 million purchase of The New Zealand Guardian Trust Company from Suncorp-Metway Ltd (ASX:SUN), expected to be earnings per share accretive in fiscal 2011.

CEO John Atkin says the latest acquisition is, “a major step-change for the company and provides significant impetus to its change program.”

The Trust Company has declared a fully franked final dividend of 18 cents per share.

In the six months to the 31 August 2010, The Trust Company posted a net profit of $5.5 million.