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.
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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.
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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.