Perpetual slides into growth phase
Perpetual says it has cruised through its period of consolidation, into a growth phase, reporting a 37 per cent spike in underlying profit after tax (UPAT) for the last financial year.
In a statement on the Australian Securities Exchange (ASX), the Group said its UPAT grew to $104.1 million in the year to 30 June 2014, with funds under management up 18 per cent to $29.8 billion.
Perpetual Private's profit before tax grew 135 per cent to $21.6 million, with strong inflows from both the core business and the recently-acquired Trust Company.
The Group's CEO, Geoff Lloyd, credited Perpetual's Transformation 2015 strategy for delivering solid results across the business.
He said the integration of the Trust Company, purchased in December 2013, was on track to perform well, with pre-tax annualised savings growing from $15 million to between $18 and $20 million.
The Group used the announcement to reveal the launch of its new global equities solution, the Perpetual Global Share Fund.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina break down the spike in inflation numbers and what it means for the possibility of a rate cut as we move into the new year.
In this episode of Relative Return Insider, host Keith Ford and AMP economist My Bui explore Prime Minister Anthony Albanese’s trip to the US and the critical minerals deal stemming from his meeting with President Donald Trump.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
