Law Debenture trustee profit rises 52%
UK – Law Debenture Corp., the London-based trustee services and investment trust group, has posted a 52.2% increase in pre-tax profits at its trustee services division.
“Our trustee and related services business increased revenue by 9.9% and profit before tax by 52.2%,” the company said in its 2004 earnings report.
“Most areas of the business have seen continued growth, whilst our costs have been reduced. We believe trustee and related services are well placed for growth in 2005 but that our cost base is unlikely to be reduced further.”
It added: “Our pension trustee business has seen growth from new and existing relationships and we expect the Pensions Act 2004 to provide further opportunities.”
Ken Inglis, the former head of strategy at UBS Phillips & Drew and chairman of Allied Dunbar Asset Management, has decided to stand down as a director. He joined the board in 1995.
It said its gross revenue increased by 9.5% to £25.6m and post-tax profit was up 25% to £10.1m.
“The trustee and related services businesses performed strongly during the year and made a significant contribution to our income,” said chairman Douglas McDougall.