Perpetual's solid year
A solid performance over the past four years has culminated in a $203 million net profit in the year to June 30 for Perpetual Trustees.
A solid performance over the past four years has culminated in a $203 million net profit in the year to June 30 for Perpetual Trustees.
Addressing a subdued gathering of shareholders at the group’s recent annual gen-eral meeting, managing director Graham Bradley highlighted Perpetual's growth over the past year and in particular in the managed funds and superannuation busi-nesses.
Funds under management with Perpetual Investments grew by 53 per cent from $4.5 billion to $6.9 billion while superannuation business, merged with Wilson Dilworth less than a year ago, saw revenue grow by 155 per cent to $9.7 million.
However, Bradley warned shareholders of the impact of the Managed Investment Act (MIA), the impact of which he said is already being felt.
"The MIA will cost about $25 million over the next two years with a good portion already applying this year but most of it in the next. This is a sizeable amount out of our turnover when compared to this years of $203 million," he said.
As part of his new five year contract, Bradley picked up 105,000 share options.
AUTHOR
Jason Spits
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