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The Trust Company positions for growth

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By Victoria Papandrea
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3 minute read

The Trust Company positions itself for growth, outlining opportunities for its corporate and personal services businesses.

The Trust Company expects a stronger performance for the second half of this financial year, outlining growth opportunities for its corporate and personal services businesses.

The firm announced an interim dividend of 17 cents a share yesterday, and confirmed the emphasis of the business strategy remained on managing the performance of the company while positioning for growth.

The Trust Company chief executive John Atkin said the firm's focus on internal performance was starting to yield results, with significant growth opportunities existing for both its corporate and personal services businesses.

"The two businesses present quite differently. The corporate services business is well positioned to capitalise on a number of immediate growth opportunities," Atkin said.

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"While the longer-term drivers for the personal services business are very strong, it is a much more complex business, reflecting its long and diverse history.

"Realising the potential of the personal services business will require further investment in our people, as well as an upgrade of our processes, systems and technology."

Atkin said it was important to pace this investment to achieve the firm's longer-term potential while maintaining consistent growth in shareholder dividends.

In April 2010, the company stated its reported net profit after tax for the current financial year was expected to be in the range of $11.5 million to $13.7 million.

"While the first-half financial year performance is slightly below last year we expect a stronger second half, primarily due to increased corporate services revenue," Atkin said.

He added the firm has strengthened its internal management with the implementation of a company-wide performance framework.

"We are close to finalising a number of legacy issues, including matters flowing from the fraud discovered at our Townsville office in late 2008," he said.