Perpetual profit leaps 113%

Perpetual’s net profit after tax surged 113 per cent on the prior corresponding period, while its underlying profit after tax added 54 per cent to $79.1 million. In an ASX listing on Thursday, Perpetual confirmed operating revenue of $384.9 million, with growth of 37 per cent primarily driven by the full contribution of Barrow Hanley Global Investors, strong relative investment performance, higher average equity markets and continued growth in both Perpetual Corporate Trust and Perpetual Private. “We are delivering solid earnings growth across our business, with all four of our operating divisions demonstrating positive momentum. Pleasingly, we are making substantial progress in executing the group’s strategic priorities with both organic and inorganic investments supporting solid growth in underlying profit and improved returns to shareholders,” Perpetual CEO and managing director, Rob Adams, said.

“Our two asset management divisions, Perpetual Asset Management International (PAMI) and Perpetual Asset Management Australia (PAMA) have continued to perform well, maintaining their disciplined investment approaches, positioning us extremely well to benefit from a rotation to value across global equity markets.” PAMI assets under management (AUM) were $77.2 billion as at 31 December 2021, up from $66.5 billion on the prior corresponding period, while the Australian segment closed the half with AUM growth of 42 per cent to $25.6 billion. The advisory division, Perpetual Private, saw its underlying profit after tax expand by 56 per cent to $23.9 million, driven by positive net flows, strong relative investment performance and higher market related revenue, supported by the continuing success of the adviser growth strategy and the acquisition of Jacaranda Financial Planning.

The rest of this article can be found at investordaily.com.au.