Perpetual chief executive and managing director Geoff Lloyd said this compared favourably to the underlying profit after tax of $35.1 million for the first six months of the previous financial year, and the $40.8 million profit for the six months ended 30 June 2013.
“Our first half of the 2014 financial year outlook represents a significant improvement on the same period last year,” said Mr Lloyd.
He said the outlook reflects the significant underlying improvements implemented by the company, along with the benefits of stronger equity markets.
According to Perpetual chairman Peter Scott, the delivery of Transformation 2015, a three-year transformation program, resulted in a more resilient, focused and profitable company.
Mr Scott said significant changes to business processes and cost structure improved the company’s efficiency and ability to respond to a changing marketplace.
He said the 2013 financial year had been a positive start to achieving the vision to become Australia’s largest independent wealth manager of choice.
“Perpetual is significantly more streamlined than it was just 12 months ago and we are clearly more profitable,” he said.
Mr Scott said the company was cautiously optimistic about market conditions.
“While investor confidence has some way to go to a full recovery, the underlying drivers for the industry are stronger than they have been for some years,” he said.
Perpetual stated that improved trends in its investments have continued into October, generating net inflows from investors into its equity strategies.
“We will maintain our rigorous focus on strategy and discipline to ensure we deliver growth for shareholders, while protecting and building the wealth of our clients,” said Mr Scott.
