Perpetual posts strong half
Financial services house Perpetual Limited has moved further back into profitability, reporting a 76 per cent increase in net profit after tax to $58.5 million for the first half ended 31 December, last year.
Announcing the result to the Australian Securities Exchange today, Perpetual chief executive, Geoff Lloyd attributed the outcome to the delivery of the company's so-called "transformation strategy".
Lloyd pointed to a number of initiatives which had contributed to the company's strong result, and noted that Perpetual Private had experienced a steady and disciplined turnaround with profit before tax for the division up 16 per cent ($18.9 million) on the back of an increase in net new clients, strong revenue growth and tight cost management.
The ASX announcement referenced the success of Perpetual's acquisition of Trust Company, with Lloyd stating that the Trust Company had been an important accelerator of Perpetual Private's growth.
The directors declared a fully franked dividend of 115 cents per share — up 44 per cent.
Recommended for you
While the number of advisers switching tends to tick up at the end of the year, Padua Wealth Data reveals which business model sees the most adviser loyalty.
Private credit, auditor misconduct and super trustees have been listed among ASIC’s priorities as the regulator unveils its top focus points for the coming year.
Melbourne-based investment manager Woodbridge Capital has appointed an origination director for south-east Queensland, strengthening its foothold in the region as part of its national expansion strategy.
Barings has appointed a new head of Asia Pacific to succeed Duncan Robertson, who will retire after almost two decades with the firm.
