Perpetual set for expansion on back of steady results

Perpetual Trusteesis looking to bolster its position within the Australian funds management industry through organic growth and a series of joint ventures and acquisitions, shareholders were told today at its annual general meeting.

Recently appointed managing director David Deverall told shareholders at the AGM, which saw the group announce a 12.8 per cent rise in profit before tax of $113.6 million, that he will draw on his background in strategic management to grow the group.

“Having been involved in growing businesses organically, as well as creating growth through joint ventures and acquisitions, I intend to draw upon these experiences to assist in growing the operations,” Deverall says.

However with regard to possible acquisitions Deverall says any potential targets will need to support the group’s existing businesses, and must meet strict investment criteria.

This sentiment was reflected by Perpetual chairman Charles Curran, who told those present that the firm will maintain its strategy of focussing on its core businesses of wealth management and corporate trust.

The group posted revenues for the year ending June 30 of $265 million, a $20.9 million increase on last year’s figures.

Perpetual Investmentsreported a 10.3 per cent increase in revenue, with a rise up to $146.5 million.

While Perpetual’s Personal Financial Services division maintained revenue at $65.6 million, Perpetual Corporate Trust experienced a 14.5 per cent rise to $41.9 million and its joint venture ASX Perpetual Registrars had a 12 per cent rise in revenue - up to $48.9 million.