Perpetual result boosted by Trust acquisition
Perpetual Limited has turned in a strong full-year result, announcing a 50 per cent increase in net profit after tax of $122.5 million.
Announcing the result to the Australian Securities Exchange (ASX) today, Perpetual chief executive, Geoff Lloyd, said it reflected the successful completion of the company's Transformation 2015 strategy including the delivery of more than the targeted savings.
He said the outcome had also included the successful integration of The Trust Company ahead of time, ahead of plan and with sustained business benefits.
Drilling down on the results, Perpetual Private represented a stand-out performer with profit before tax up 74 per cent to $37.5 million.
The company said the result in Perpetual Private had been boosted by the acquisition of The Trust Company, growth in new high net worth clients, net flows, equity market gains and higher non-market related business activity.
The directors declared a fully-franked dividend of 125 cents per share, taking fully franked dividends for the year to 240 cents per share, up 37 per cent on the previous year.
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