– Strong results:
. UPAT of $104.1 million, up 37%
. NPAT of $81.6 million, up 34%
. Fully franked dividend of 175 cents per share, up 35% − FUM of $29.8 billion, up 18%
– “Simplify and Refocus” phases of Transformation 2015 strategy delivered on plan, now in “Growth” phase
– The Trust Company integration on track, synergy benefits increased from $15 million to $18-20 million before tax
– Launch of new Perpetual Global Share FundPerpetual Limited (Perpetual) has delivered strong results for the 12 months to 30 June 2014 with underlying profit after tax (UPAT) of $104.1 million, up 37%, and statutory net profit after tax (NPAT) of $81.6 million, up 34% on FY13.
The Board has determined to pay a fully franked final dividend of 95 cents per share, taking FY14 fully franked dividend to 175 cents per share, up 35% on last year.
Perpetual’s Chief Executive Officer and Managing Director, Geoff Lloyd, said 2014 was a strong year for Perpetual, its clients and shareholders.
“Our Transformation 2015 (T15) strategy to simplify, refocus and grow Perpetual is delivering strong operational and financial results, and this is underpinned by our ongoing investment outperformance,” Mr Lloyd said.
“We have now completed the first two phases of T15 on plan, with annualised savings of $50 million pre-tax to date. Since launching the strategy in 2012, NPAT has increased threefold and UPAT is up 59%.
“Our attention is now on growth,” he said
A key growth initiative was the acquisition of The Trust Company, which completed in December 2013.“The Trust Company integration is on track,” Mr Lloyd said, “Expected pre-tax annualised savings have increased from $15 million to $18-20 million, and positive client feedback is reflected in high retention rates.
“Today we are also announcing a new growth initiative – the launch of the Perpetual Global Share Fund to meet increasing demand from clients for global equities exposure.
“Global equities is a natural and logical extension of our highly regarded and successful Australian equities investment business and our launch follows an incubation period of three and a half years in which the fund has outperformed its benchmark significantly,” Mr Lloyd said.
“We look forward to offering clients access to global equities through Perpetual’s proven, value-oriented investment philosophy and process,” Mr Lloyd said.
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