The Perpetual Limited (ASX:PPT) share price rallied following the release of its half-year profit result.
Here are the key takeaways from the Perpetual half year report:
- Revenue rose 5% to $251 million
- Profit rose 3% to $66 million
- A fully franked dividend of $1.30 per share was declared
Perpetual is a Sydney-based money management business with its operations broken up across three divisions: Perpetual Investments, Perpetual Private, and Perpetual Corporate Trust.
Perpetual Investments, which includes its funds management business, accounts for 62% of the company's profit. It achieved 3% profit growth during the half.
"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," CEO Geoff Lloyd 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."
My Lloyd said the market is likely to remain "challenging" with, "political and social change continuing to give rise to new pressures and opportunities for financial services providers and partners."
The company did not provide a specific profit forecast for its full-year.
