Perpetual reports $66m profit in first half

Perpetual reports $66m profit in first half

Financial services firm Perpetual has announced a profit of $66 million in the first half of the 2016-17 financial year, up 2 per cent on the prior corresponding period.

The company’s revenue for the first half was $252.4 million, up 5 per cent on the first half of last financial year, which Perpetual chief executive and managing director Geoff Lloyd said had been driven by the company’s “strength and diversity”.

“We continue to lead in our core businesses of Australian equities asset management, professional financial advice to high-net-worth clients, as well as debt markets and managed funds services,” he said. 

“Based on these strong franchises we’re making good progress on our strategic extensions.”

The three business divisions, Perpetual Private, Perpetual Investments and Perpetual Corporate Trust, all saw increases in their profit-before-tax from the first half of the 2015-16 financial year, the company said.

“In Perpetual Investments, we remain true to our value investing style and are pleased with progress on our new multi-asset offer, which has recently garnered a number of important asset consultant and researcher upgrades,” Mr Lloyd said.

“In Perpetual Private, we are growing in our targeted high-net-worth segments, and Perpetual Corporate Trust’s credentials in data and analytics have provided a platform to diversify into new and growing markets.”

Earlier this week, Perpetual's listed investment company, Perpetual Equity Investment Company, announced its profits for the first half of the 2016-17 financial year had risen 76 per cent on the prior corresponding period.

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