Perpetual

There’s irony behind the sacking of Perpetual’s chief executive Chris Ryan earlier this month. And that’s because there was evidence in the first half result that he was fixing Perpetual’s cost problem. Operating expenses in the Perpetual Investments division, for example, fell 15% as some of the follies of previous management were unwound. Lower markets are still hurting, though, and revenue fell by 11% to $202m. The first half underlying net profit of $35m, down 15%, was pre-announced last week (see 15 Feb 12 (Hold – $23.10)). But the result was, as we suspected then, not as good as...

There’s irony behind the sacking of Perpetual’s chief executive Chris Ryan earlier this month. And that’s because there was evidence in the first half result that he was fixing Perpetual’s cost problem. Operating expenses in the Perpetual Investments division, for example, fell 15% as some of the follies of previous management were unwound.

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