Business Description:
Equity Trustees Limited (EQT) is a financial services company that provides private client, trustee, estate administration and funds management services. The company has four business units: Funds Management; Wealth Management and Estate Planning; Institutional services and Superannuation.

Strategy Analysis:
EQT has undergone 'recovery' and 'organic growth' phases during the past few years. It is now in 'step growth' phase, which will develop an in-house capability dedicated to uncovering, evaluating and integrating merger and acquisition opportunities. The company is well placed to expand its horizons further and to concentrate on achieving 'step-growth' by undertaking its business through activities that complement the strong levels of organic growth. However, due to the market downturn, a focus back towards fundamentals and securing existing revenue streams has been warranted. In the same vein, in its business, increasing margins through improved efficiency has been targeted by management. Equity Trustees reported NPAT up 2.3% to $8.23m for the year ended 30 June 2011. Revenues from ordinary activities were $39.87m, up 13% from last year. Diluted EPS was 96.34 cents compared to 96.02 cents last year. Net operating cash flow was $8.55m compared to $8.54m last year. The final dividend declared was 50 cents, taking the full year dividend to 100 cents compared with 110 cents last year.