Elders profits up 19%
Rural service company and insurance provider Elders has achieved its best ever result with record profits for the last financial year.
While higher interest and lower income affected parent company Futuris’ overall result, its financial services arm recorded strong performances.
Elders Rural Services’ earnings before tax were up from $49.1 million the previous year to $60.7 million – lifting 43% after a drought-affected first half.
Futuris CEO Les Wozniczka says Elders looks set to deliver further gains in the coming year after responding well to new management and other changes introduced last year.
“Earnings contribution from Elders Financial Services was in line with our expectations with excellent banking results offsetting softer insurance markets and the return of claims ratios to customary levels,” he said.
While higher interest and lower income affected parent company Futuris’ overall result, its financial services arm recorded strong performances.
Elders Rural Services’ earnings before tax were up from $49.1 million the previous year to $60.7 million – lifting 43% after a drought-affected first half.
Futuris CEO Les Wozniczka says Elders looks set to deliver further gains in the coming year after responding well to new management and other changes introduced last year.
“Earnings contribution from Elders Financial Services was in line with our expectations with excellent banking results offsetting softer insurance markets and the return of claims ratios to customary levels,” he said.