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The board of Easton Investments has formally recommended to shareholders that they accept HUB24’s proportional offer for the company arguing that it will deliver significant strategic benefits including the acquisition of Paragem meaning that Easton can become a leader in licensee and adviser services.
In target statement documentation released to the Australian Securities Exchange (ASX) Easton described Paragem as a strong strategic fit with Easton’s Wealth Solutions division which provide additional scale to support the development of technology to improve efficiencies and add new revenue generating services.
It said this was consistent with Easton’s strategic direction to become a leading non-institutional provider of adviser and licensee services.
Listed advice group reports 98% profit surge
Listed advice group reports 98% profit surge
The listed owner of a number of advice licensees has reported a surge in year-on-year profits in the second half of 2020 as it gears up to implement a major transaction with a platform group.
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In an update to the market on Tuesday, Easton Investments, owner of GPS Wealth, Merit Wealth and The SMSF Expert, reported an increase in year-on-year profits of 98 per cent to $3.51 million in the five months to 30 November, up from $1.77 million in the prior corresponding period. Both of the company s operating divisions, Accounting Solutions and Wealth Solutions, have reported strong revenue and earnings growth over the period, while corporate costs have remained flat, the company said.