Perpetual posts solid result
Perpetual Limited has pointed to six consecutive halves of positive flows and net new client growth within its Perpetual Private business as it announced a statutory net profit after tax (NPAT) of $132 million, up eight per cent on the same period last year.
The firm reported an underlying profit after tax (UPAT) of $128.2 million, down four per cent.
The board determined a fully franked final dividend of 130 cents per share, taking fully franked dividends for the year to 255 cents per share, up six per cent.
Commenting on the result, Perpetual chief executive and managing director, Geoff Lloyd, described it as a solid result achieved in challenging conditions and while investing in the business.
Looking across the business divisions, Perpetual Private's profit before tax was $34.2 million, nine per cent lower than last financial year which the company said was due to the decline in equity markets, continued investment for growth including strategic acquisitions but which had been partially offset by the growth in new clients for the period.
"With a view to being Australia's premier high net worth advice business, we are pleased Perpetual Private has now delivered six consecutive halves of positive flows and net new client growth, as well as continued strong investment performance of the $12.7 billion in funds under advice.
"The acquisition of medical education and advice business, The Private Practice/Fintuition, in the first half, and the growth of our professional services business, Fordham, up the eastern seaboard, is in keeping with our client segment strategy to deliver long-term growth," the company's ASX announcement said.
It said that Native Title was positioned to be an important contributor to future growth for Perpetual Private in circumstances where it had been appointed trustee in waiting for a landmark Native Title award.
Recommended for you
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.
