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 this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a look at the Reserve Bank’s latest rate cut call, the factors influencing the unanimous decision, and what economists expect from the rest of the year.
In this episode of Relative Return Insider, host Keith Ford is joined by Accountants Daily journalist Imogen Wilson to take a look at why there has been such broad support for a more comprehensive tax reform discussion at the Treasurer’s economic roundtable.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
