Public Trust Reports An Improved Performance
Public Trust Reports An Improved Performance For The Year With A Net Profit Of $2.1 Million
Public Trust today reported a surplus after tax of $2.1 million for the financial year ended 30 June 2006, up from $1.04 million in 2005/06.
Public Trust Chief Executive Pat Waite said, “The result continues the improving trend of the last three years. This is significant improvement on last year’s result and $1.2 million above plan.”
“Equity increased to $42.1 million from $40.1 million and the surplus provided a 5.1% return on equity which was up significantly on the 2.7% return achieved in the previous year.
“Our investment in research has given us a better understanding of the needs of New Zealanders and these insights are now impacting upon our results. Our brand awareness has increased and we are seeing a corresponding growth in the services we provide.
“While our result has been strongly enhanced by the performance of investments, there has also been a $517,000 improvement in surplus before tax excluding investment gains. This improvement reflects the contribution of teams across the business,” Mr Waite said.
Key achievements for the year included funds under management in the Common Fund up $107 million to $765 million from $658 million last year; funds under supervision increased $1,585 million to $13,163 million at year end.
Income before operating expenses increased 8% with growth in Corporate Trustee Services, and family trusts up 22%, offsetting reduced revenue from the lower number of estates administered. Over 21,000 Wills were prepared where Public Trust was appointed executor and customers completed nearly 16,000 Enduring Power of Attorney documents.
An aging population and more focused promotion of Personal Assist, a service targeted to assist people remain independent for as long as possible by providing them with assistance with their financial and personal affairs, saw revenue grow 10% in 2005/06.
Public Trust has also seen continued growth in its charitable trust business. It now manages over 400 charitable trusts with cumulative assets in excess of $300 million. These include the TG Macarthy Trust, the JBS Dudding Charitable Trust, the William Georgetti Scholarship, the Claude McCarthy Fellowship and the Charles Plimmer Trust, and cover interests as diverse as science, medicine, disability and agriculture.