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Euroz more than doubles profits to $26.6 million

Euroz has more than doubled its profits to $26.6 million and hiked up its dividend as strong equity capital market flows buoyed the listed broking house’s business during the year to June.

Euroz, which completed its acquisition of fellow Perth-headquartered firm Blackswan Equities on July 1, will dish out a 10.75¢-per-share dividend to investors for fiscal 2013-14: a 65 per cent improvement to the 6.5 per cent netted in June 2013.

The company worked across 13 equity capital market transactions in the past year and raised $611 million for the deals. These included raisings for Cedar Woods Properties and Redfork Energy.

Euroz Securities’ revenue jumped 25 per cent due to improved equity capital markets related activity.

“We are confident the recent completion of the Blackswan acquisition will provide solid revenue and cost synergies to Euroz Securities in the year ahead,” executive chairman Andrew McKenzie said in a statement.

Euroz’s acquisition of Blackswan follows a slew of mergers and acquisition activity in the broking space.

Fellow listed broking house Wilson HTM Investment Group took over Investorsfirst’s broking and research operations, while EL&C Baillieu and Holst merged in 2012.

Singapore’s PhillipCapital moved to almost full ownership of Octa Phillip last year.

Euroz’s share price has risen 37 per cent in the past 12 months, compared with the 14.4 per cent rise of the benchmark S&P/ASX 300.