• Funds under management, administration and supervision (FUMAS) hit a new record at $224 billion, up 25.8% on prior year
• Revenue from continuing operations up 6.5% to $89.4 million, reflecting solid organic growth
• Expenses increased by 12% due to non-recurring costs associated with AET integration and exit of AET platform business

EQT Holdings Ltd (ASX: EQT) announced strong results for the six months ended 31 December 2024, with continuing operations funds under management, administration and supervision (FUMAS) increasing 25.8% on the prior corresponding period to a new record of $224 billion. Revenue from continuing operations was $89.4 million, up 6.5% on the prior year, reflecting solid organic growth in both the Corporate Trustee Services (CTS) and Trustee & Wealth Services (TWS) businesses, as well as the delivery of AET revenue synergies. However, expenses from continuing operations increased by 12% due to non-recurring costs associated with the AET integration, the exit of the AET legacy platform business, increased people costs, and the transition to an outsourced custody model. As a consequence, statutory net profit after tax from continuing operations was $12.9 million, down 11.3% on the prior year but up 10.6% on the second half of FY2024. The Board declared a fully franked interim dividend of 55 cents per share, up 4 cents on the prior year. The company said the AET integration was successfully completed on time and on budget, delivering synergies in excess of original expectations, and the discontinued UK business is in the final stages of wind down. The outlook remains positive, with the transformed business poised to capitalize on favorable industry dynamics and leading positions in key markets.

The company expects operating and transformation expenses to materially decrease by approximately $6 million in the second half of FY2025.

The outlook remains positive, with the transformed business poised to capitalize on favorable industry dynamics and leading positions in key markets. The company anticipates a return to profit growth in the second half of the financial year, barring any unforeseen material market disruption or other impacts.