Bradley goes out on high note
Perpetual Trusteesmanaging director Graham Bradley’s final result in the top job has not disappointed shareholders, delivering the group’s eighth year of increased profits.
Perpetual has reported a 16.2 per cent increase in after tax operating profit to $68.2 million for the 2002/2003 financial year, up from $58.7 million last year.
The board has also announced a final dividend of 70 cents per share fully franked at 30 per cent, increased from 60 cents per share last year, and intends to pay a special dividend of not less than 50 cents per share in June 2004.
During the 2002/2003 financial year, retail funds and master funds under management (FUM) increased from $13.4 billion to $15.2 billion, while institutional FUM dropped dramatically from $6 billion to $2.2 billion, due to the loss of a number of institutional mandates.
However revenues for the year were $265 million, up by 8.6 per cent on the previous year.
Perpetual chairman Charles Curran says, “The full year result was a good one, with increased revenues and careful expense management combining to produce improve profitability for the group.”
However Curran warns that the group’s earnings growth in 2004 will be largely determined by the rate of further improvement in market conditions and investor confidence.
During Bradley’s time at the helm, Perpetual Investments’ FUM has increased from $2.4 billion in 1995 to more than $17.4 billion currently, with group operating profit also increasing from $11 million to $68.2 million in that period.
In what is effectively a farewell to the industry, Bradley says, “Perpetual’s independence, its team-based culture, the experience and dedication of its people, and its proven investment process, position the group well to benefit from a return of retail investor confidence and more favourable equity market conditions.”
Bradley announced his retirement earlier this year, and will remain in the position until the end of September or until the handover to his replacement, still to be appointed, is complete.
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