Perpetual strategy paying dividends
Perpetual has moved further back into the black on the back of improving markets and its so-called business transformation program, reporting a 37 per cent increase in underlying profit after tax of $48.1 million for the first half.
The result, announced on the Australian Securities Exchange (ASX) today, saw the directors notify the payment of a fully franked dividend of 80 cents per share.
The result also included a one month contribution resulting from Perpetual's recent acquisition of the Trust Company.
Commenting on the result, Perpetual chief executive Geoff Lloyd acknowledged the significance of both improving markets and the company's business transformation program process put in place in 2012.
Looking at Perpetual Private, the company's report to the ASX said profit had risen 11 per cent over the same period last year to $4.9 million, with funds under advice increasing 10 per cent to $9.7 billion.
Lloyd said the company had been rebuilding Perpetual Private to simplify and refocus growth and that it now had a new sales and service model "with absolute clarity on our chosen high net worth target segments".
He described momentum as being good and suggested that Perpetual's acquisition of the Trust Company represented an exciting addition to Perpetual Private providing increased scale and leverage.
Recommended for you
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.
In this episode of Relative Return Unplugged, we examine the push for superannuation tax reforms aimed at saving $10 billion annually, as well as the immense pressure being placed on Treasurer Jim Chalmers ahead of the budget and Deloitte’s warning of a $26.1 billion deficit.
