Perpetual in net profit hike
Perpetual Trustees has announced their profit figures for the year to June 30 with a net profit of $30.7 million, up over 22 per cent.
The biggest area for growth was Perpetual Superannuation which saw revenue grow by 155 per cent to $9.7 million, much of that on the back of the Wilson Dilworth acquisition.
Perpetual Trustees has announced their profit figures for the year to June 30 with a net profit of $30.7 million, up over 22 per cent.
The biggest area for growth was Perpetual Superannuation which saw revenue grow by 155 per cent to $9.7 million, much of that on the back of the Wilson Dilworth acquisition.
The alliance with Fidelity was also strengthened with Fidelity Per-petual funds under management doubling to more than $700 million from $300 million a year ago.
Perpetual chairman John Lamble says the group had changed substan-tially over the past year.
"Perpetual is now a much larger business than it was a year ago and our expanded scope of operation augers well for the future, despite some loss in profit caused by the Managed Investment Act (MIA)," Lam-ble says.
"We are budgeting for an overall increase in profit for the current financial year, albeit at a lower rate than recent years."
Managing director Graham Bradley says the drop off will come as a re-sult of increased spending in technology and the MIA.
"Our estimate is that within two years we expect to be earning $25 million less than before the act came in," Bradley says.
However Bradley is confident Perpetual has a stable platform to in-crease revenue on a number of fronts and says other businesses will be generated to meet the short fall though these will not have the same profitability initially.
AUTHOR
Jason Spits
Recommended for you
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
