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
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