Perpetual: Result 2012

Perpetual’s 2012 profit fell; the 2013 result will be lower still. It’s all about the cost cuts from 2014.

Perpetual’s 2012 result was affected by restructuring costs related to the ‘Transformation 2015’ program announced by chief executive Geoff Lloyd in June (see 25 Jun 12 (Hold – $23.70)). Excluding the mortgage services business, which Perpetual accounted for as a ‘discontinued operation’, revenues fell 11% to $364.3m. After restructuring costs, net profit fell 57% to $26.7m.

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