Euroz doubles profit to $26m

Perth broker Euroz Limited has more than doubled its annual net profit to $26.5 million, after the acquisition of Blackswan Equities lifted its profit guidance for the financial year.

Following the 139 per cent net profit increase, the company has declared a fully franked dividend of 9 cents per share, which brings the total fully franked dividends for the year to 10.75 per share.

“These much improved profit and dividend results are representative of the improvement across all of our businesses in the past year,” Euroz said in a statement.

Euroz Securities’ revenue increased by 25 per cent as a result of the involvement in 13 capital raisings, which raised a total of $611 million.

“We are confident the recent completion of the Blackswan acquisition will provide solid revenue to Euroz Securities in the year ahead,” Euroz said. 

The company also said its investment businesses Westoz Funds Management reported high returns.

Euroz said it was encouraged by the initial investor response to its recently announced joint venture with former MLC chief executive officer Steve Tucker, who became the executive chairman of the company’s subsidiary, Westoz Investment Management, in June.

“Whilst our resource related markets continue to be somewhat volatile, our staff across the group remain optimistic on the outlook for the future,” Euroz said.

The company’s share price rose by 6.15 per cent to $1.38 at 1:30pm.