Perpetual FY profit soars

Group's earnings buoyed by transformation strategy, flags ongoing volatility.

Perpetual's (PPT) full-year profit has been boosted by the first year of realised costs under its Transformation 2015 strategy, but the group says there is a considerable amount of work to be done if it is realise its potential in the market.

In the year to June 30, Perpetual's net profit was $61 million, a 128% increase on the $26.7 million recorded in the previous year.

Underlying profit came in at $76.3 million, in line with analyst estimates.

In the same period revenue was $361.6 million, a 1% lift on 2012.

The group will pay a fully-franked final dividend of 80 cents on October 4 to shareholders on the register at September 12.

Combine with the group's interim dividend, Perpetual's total dividend for the year came to $1.30.

Perpetual chief executive officer Geoff Lloyd said despite improving market conditions and good progress with the group's Transformation 2015 program, there was still a great deal of work ahead of the group.

"Investor sentiment is still fragile," he said.

"Volatility, although easing, is still impacting flows across the industry."

Mr Lloyd said Perpetual’s balance sheet was strong.

"Our business strategy is not to rely on a market led recovery but to continue to build growth within our core businesses and maintain our strict cost disciplines," he said.

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