The Perpetual (ASX:PPT) share price fell 7% after this announcement

The Perpetual Limited share price has taken a 7% dive today off the back of its half-yearly results. Here's a summary of them.

| More on:
A man peers into the camera looking astonished, indicating a rise or drop in ASX share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Perpetual Limited (ASX: PPT) share price is down just over 7% to $31 at midday today. This comes after the financial services provider released its first half of 2021 results.

Let's review how the business and the Perpetual Limited share price have performed over the six-month period.

Perpetual Limited's first half 2021 highlights

Perpetual Limited reported $89.2 billion in total assets under management.

For the half-year ended 31 December 2020, Perpetual reported a net profit after tax (NPAT) of $29.2 million. Indeed, this is a significant drop compared to the NPAT for the half-year ended 31 December 2019 of $51.6 million.

Perpetual reported an underlying profit after tax of $52.6 million for the half-year ended 31 December 2020. Similarly, down slightly compared to $58.9 million for the half-year ended 31 December 2019.

In contrast, 1H21 operating revenue was up 10% on the pcp to $280.6 million. In this case, growth was predominantly driven by the international asset management division and completed acquisitions. 

The company Directors resolved to pay a fully franked interim dividend of 84 cents per share. Down compared to $1.05 per share paid during the prior comparative period (pcp).

CEO speaks about performance

Commenting on the half-year performance, CEO and Managing Director, Mr. Rob Adams, said: 

"We continue to make strong progress in executing our strategy. Our Asset Management teams have remained true-to-label, delivering solid performance for the period across all capabilities, including Australian equities in particular. Our first half was bookended by the completion of our strategic acquisitions of Trillium and then a 75% interest in Barrow Hanley. These acquisitions combine with the successful build-out of our US distribution team, to be transformational milestones for Perpetual as we continue to build world-class investment and distribution capabilities to provide greater diversification by business line, geography and asset class."

The Perpetual Limited share price at a glance

Year-to-date, the Perpetual Limited Share price is down 3.68%. However, an institutional share placement and share purchase plan was implemented during the period. Thus resulting in $270.1 million (net of costs) in proceeds.

The company's market capitalisation is $1.9 billion with 56.5 million shares outstanding.

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A susccesful person kicks back and relaxes on a comfy chair
Best Shares

If I could only buy and hold a single ASX share forever, it would be this one

There are two reasons why this stock is my first choice...

Read more »

young woman reviewing financial reports at desk with multiple computer screens
Opinions

Brokers' verdict on 4 popular ASX 200 financial stocks

Financials outperformed every other sector in FY25. What should you do now with these 4 stocks?

Read more »

two colleagues high five each other as they sit side by side at a long desk in front of their laptop computers in an office environment.
Share Gainers

Why Bapcor, Ramelius, Sandfire, and WIA Gold shares are rising today

These shares are having a better day than most on Tuesday. But why?

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Share Market News

Is it too late to invest in the record setting S&P 500 stock gains?

A top broker reveals what to expect next from the surging S&P 500 Index.

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Boss Energy, DroneShield, Greatland, and Viva Energy shares are tumbling today

Let's see why these shares are out of favour with investors on Tuesday.

Read more »

Man smiling at a laptop because of a rising share price.
Broker Notes

4 ASX shares to buy this week: experts

Looking for investment inspiration?

Read more »

Miner and company person analysing results of a mining company.
Energy Shares

Should you buy Boss Energy shares now after Monday's huge sell-off?

Macquarie gives its verdict on Boss Energy shares following Monday’s crash.

Read more »

Excited couple celebrating success while looking at smartphone.
Broker Notes

Macquarie forecasts 28% upside for this ASX All Ords stock

Let's see why the broker is feeling bullish about this name.

Read more »