Hartleys rides resources resilience

Stockbroking firm Hartleys more than tripled its profit this past financial year amid a flurry of equity raisings in the resources sector.

The firm posted net profit of $7.9 million in the year to June 2020 according to its annual results lodged with Australian Securities and Investments Commission.

That result represented a steep increase on the $2.5 million figure it recorded in the year prior.

Revenue also increased in that time, from $35 million to $48 million, mainly due to a significant intake of corporate equity capital fees over that time.

Chair Ian Parker said the result was a pleasing reflection of significantly higher market activity and turnover, particularly in the final quarter of the financial year.

Mr Parker also flagged the strong performance of the resource sector as a factor, including equity raising activity in the gold sector.

The firm declared total dividends of $0.44 per share, an increase of $0.08 on the year prior.

In other news, ASX-listed securities firm Euroz announced it would proceed with the final steps of completing its merger with Hartleys.

Executive chair Andrew McKenzie said the offer for Hartleys had received overwhelming support, with Euroz receiving 100 per cent of acceptances in advance of the scheduled offer closing date.