Listed stockbroking firm Euroz has reported a significant increase in profit for the year to June 2004, helped by buoyant trading activity and increased capital raisings.
Net profit after tax was $6.1 million, up from $718,000 in the previous financial year.
Chairman Peter Diamond said the result was driven by strong contributions from all divisions, buoyant small to mid-cap market conditions and strong commodity and resource markets.
He warned that market activity was not expected to continue at the same level during the current financial year and therefore the company was unlikely to achieve the same profit in 2005.
Euroz was established in Perth in 2000 and quickly built substantial market share, helped by its focus on servicing institutional investors.
It has consistently ranked as one of the top Western Australian broking firms in equity capital raisings.
It raised $148.7 million from nine issues in the half-year to June, ranking it second behind Patersons Securities.
Subject to audit confirmation, the company has provided for a final dividend of 10 cents per share, on top of the interim dividend of four cents per share.