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Perpetual forecasts 18 per cent profit increase
Sara Rich
Perpetual chairman Robert Savage has forecast an 18 per cent increase in operating profit after tax for the company in 2007, based on the $122.4 million it achieved last year.
In his 2007 May letter to shareholders, Savage positioned this outlook around Perpetual’s key strategic priorities, which focused on Perpetual Investments, Perpetual Private Clients and Perpetual Corporate Trust.
“We will maintain our focus on creating outstanding investment performance in Australian equities and continue to offer a range of new and innovative products which leverage that performance,” he wrote in the annual letter.
“We will continue to grow funds under management in our other asset classes by strengthening our sales and support capabilities in international equities, credit, mortgages, property and infrastructure.
“We will continue to accelerate growth in Perpetual Private Clients’ share of the high-net-worth investor market by building high quality adviser teams and improving our support capabilities.
“We will continue to leverage our capability and market position as a securitisation trustee by rapidly driving growth in our mortgage services business and becoming an industry hub and outsource partner of choice to the lending industry.”
Savage added Perpetual would fund its strategic initiatives directly from operating earnings while continuing to drive earnings growth.
29 May 2007
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