Perpetual in net profit hike
Perpetual Trustees has announced their profit figures for the year to June 30 with a net profit of $30.7 million, up over 22 per cent.
The biggest area for growth was Perpetual Superannuation which saw revenue grow by 155 per cent to $9.7 million, much of that on the back of the Wilson Dilworth acquisition.
Perpetual Trustees has announced their profit figures for the year to June 30 with a net profit of $30.7 million, up over 22 per cent.
The biggest area for growth was Perpetual Superannuation which saw revenue grow by 155 per cent to $9.7 million, much of that on the back of the Wilson Dilworth acquisition.
The alliance with Fidelity was also strengthened with Fidelity Per-petual funds under management doubling to more than $700 million from $300 million a year ago.
Perpetual chairman John Lamble says the group had changed substan-tially over the past year.
"Perpetual is now a much larger business than it was a year ago and our expanded scope of operation augers well for the future, despite some loss in profit caused by the Managed Investment Act (MIA)," Lam-ble says.
"We are budgeting for an overall increase in profit for the current financial year, albeit at a lower rate than recent years."
Managing director Graham Bradley says the drop off will come as a re-sult of increased spending in technology and the MIA.
"Our estimate is that within two years we expect to be earning $25 million less than before the act came in," Bradley says.
However Bradley is confident Perpetual has a stable platform to in-crease revenue on a number of fronts and says other businesses will be generated to meet the short fall though these will not have the same profitability initially.
AUTHOR
Jason Spits
Recommended for you
In the latest episode of Relative Return Insider, hosts Maja Garaca Djurdjevic, Shane Oliver, and Keith Ford unpack the twists and turns of today’s markets – from credit rating agencies navigating global uncertainty to simultaneous dual IPOs.
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
