Perpetual drums up another strong result
David Deverall
Perpetual Limited has announced another strong full-year result, reporting a 19 per cent increase in net operating profit for the last financial year to $145.3 million on the back of revenue growth of 16 per cent to $466.3 million.
The company attributed the increased revenue to growth in asset volumes, price increases in a range of Perpetual’s Australian equities funds, continued growth in Perpetual Private Clients and expansion of mortgage services following the acquisition of Wignalls Lenders Mortgages Services.
Drilling down on its performance, Perpetual said funds under management within Perpetual Investments had increased by 19 per cent to stand at $39.1 billion, while funds under advice within Perpetual Private Clients had increased by 27 per cent to $8.4 billion.
It said superannuation funds under advice had risen by 50 per cent, with net superannuation inflows up 400 per cent over the pervious year.
The company said that within the Perpetual Corporate Trust, funds under administration had increased by 18 per cent to $210.1 billion.
Commenting on the result, Perpetual chief executive David Deverall said the company’s revenue growth was becoming increasingly diversified.
“Our portfolio businesses have become more balanced with the growing contribution of Perpetual Private Clients and Perpetual Corporate Trust,” he said.
Deverall said the company had also been able to increase margins while investing in new capabilities.
AUTHOR
Mike Taylor
Recommended for you
Financial advisers are demonstrating growing interest in crypto ETFs, with momentum pushing assets in these products past $800 million.
AMP CEO Alexis George has said addressing Australians’ retirement concerns should be "front and centre for policymakers” after its research revealed only half of Australians are confident about their retirement.
LGT Crestone has announced a rebrand, marking a “decisive milestone” following its acquisition of Commonwealth Bank’s high-net-worth financial advisory business in June.
The launch of a low-cost menu for BT Panorama will allow advisers to service a wider range of clients from one platform and potentially run a more profitable business, according to specialist Recep Peker.
