Business Description:
Trust Company Limited (TRU) provides a wide range of financial services, including acting as trustee, executor, attorney and agent, funds manager, superannuation services provider, corporate custodian and financial planner. Operations are principally in Australia with an office in Singapore.

Strategy Analysis:
TRU's primary focus is to operate in areas where it can establish a competitive advantage though independence, depth of expertise and reliability. The company aims to leverage the client base, being more efficient in delivering services and capitalising on the more immediate opportunities to grow certain business lines. The group is currently focused on better engaging all its stakeholders, pursuing the immediate opportunities to grow certain business lines and strengthening the core operations of the group. The Guardian Trust acquisition provides an expanded distribution footprint and positive scale benefits with significantly increased exposure to New Zealand. The key near term focus is the successful Guardian Trust integration, the implementation of new IT systems and increasing shareholder dividends. The Trust Company reported NPAT up 17% to $6.39m for the half-year ended 31 August 2011. Revenue from ordinary activities were $41.21m, up 43% from last year. Diluted EPS was 19.7 cents compared to 17 cents last year. Net operating cash flow was $4.22m compared to $1.42m last year. The interim dividend declared was 17 cents, compared with 17 cents last year.