Pendal posts solid half-yearly earnings
Pendal has delivered solid earnings for the half year, achieving an 8% rise in net profit after tax and a 34% rise in underlying earnings per share to 34.3 cents per share.
Pendal’s strong half-yearly results followed its rejection of Perpetual’s acquisition bid in April.
Announcing its half-yearly earnings to the Australian Securities Exchange (ASX), Pendal posted an interim dividend of 21 cents per share and a 31% bump up in revenue to $362.6 million from the same period a year ago.
The results were supported by a full-six-month contribution from US-based investment manager Thompson, Siegel & Walmsley (TSW) which was acquired by Pendal in the second half of the 2021 financial year.
Pendal Group chief executive, Nick Good, said: “Pendal Group has delivered a solid first-half result in a tough environment for asset managers. We delivered healthy growth in revenue, underlying earnings per share, underlying profit after tax and the interim dividend.
“While continuing to invest in our business, we have taken a more disciplined approach during the period, in response to the current market environment and tempered investor confidence.”
Good said Pendal’s strategic initiatives were progressing well.
“Our targeted set of strategic initiatives are designed to enhance our existing global distribution footprint and extend product diversification in growth areas, such as impact and thematic investing.”
“We remain focused on implementing our multi-year growth strategy, and believe it is prudent to continue to adopt a nimble approach in managing costs against the ongoing backdrop of geopolitical uncertainty and economic pressures.”
AUTHOR
Liam Cormican
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