The company has met several steps on its priorities list, which is based on February's annual result, as TRU looks to enhance profitability, reposition its New Zealand personal clients and upgrade its technology.
“Outlook for the current financial year looks favourable,” TRU chairman Bruce Corlett said in an address posted on the Australian Securities Exchange website.
“We are encouraged by our operating results for the first quarter of the current financial year which has continued the momentum established in the second half of FY13.”
As a result of these changes, TRU has restructured estates in Australia and New Zealand to increase margins, upgraded technology in its core trust administration platform, and improved service by identifying client requirements and shortlisting investment wrap platforms.
The company has also overhauled its New Zealand clients by drawing up a strategy, engaged philanthropy, and begun the search for a national head.
In a separate statement, TRU said at its annual general meeting that it had reappointed Bruce Corlett as a director, while John Macarthur-Stanham and Catherine McDowell were also re-elected as directors at the meeting.
The profitability overhaul comes after Equity Trustees (EQT) made another bid to take over TRU last week.
As a result of the new offer, TRU has undertaken a synergy assessment with EQT after raising concerns over its increased synergy estimate, engaging Ernst & Young to assist with the assessment which is expected to take two weeks.
“Perpetual has accepted our invitation to participate in this synergy estimate review process,” TRU said.
Mr Corlett said he had originally intended to stand down at the AGM but “the takeover bid by EQT necessitated that we defer this process”.
“Given the current corporate activity and our recent change of [chief executives, with Shailendra Singh taking over from John Atkin in April], I was asked by my board to stand for re-election to provide continuity during this period of uncertainty created by the corporate activity,” he said.
“This I agreed to do for no longer than one year from today’s AGM.”
