Euroz beats profit hopes

Stockbroker and funds manager Euroz has beaten expectations for its interim profit result, which was achieved on the back of an improved performance of its Euroz Securities business and increase in the share prices of its listed investment companies.

Andrew McKenzie-led Euroz told the market today it had achieved a 2,341 per cent surge in net profit to $13.9 million for the six months to December, above its expected $13.1 million to $13.3 million result which was foreshadowed last month.

Revenue was up 36.8 per cent to $30.5 million, with the company also declaring an interim dividend of 1.75 cents a share fully franked.

“Euroz has experienced a continuation of improved trading conditions in the first half of the 2017 financial year,” the company said in a statement.

“Primary drives of this profitability include a strong performance by Euroz Securities and improvements in the share prices of our significant investments in the Westoz Investment Company and Ozgrowth limited.

“Our strategy is to continue to build a more consistent base of underlying recurring revenues through our growing wealth and funds management businesses whilst still retaining the transaction based upside of our traditional stockbroking business.”

Euroz shares closed 1.8 per cent higher to $1.10 each.