Perpetual

Perpetual has announced a profit downgrade and restructuring that will slash costs in an attempt to ‘simplify, refocus and grow’ the company. The cuts are well overdue, as the company’s profit margins compare poorly with those of rival Platinum Asset Management, for example. Management expects to reduce costs by $50m per year by 2015 (18% of the current cost base), including $0.5m in annual non-executive director fees. Underlying net profit for 2012 is expected to fall to $63-$67m, down from $73m in 2011. Reported net profit will slump to $22-$29m due to write-offs and other restructuring costs. The final...

Perpetual has announced a profit downgrade and restructuring that will slash costs in an attempt to ‘simplify, refocus and grow’ the company. The cuts are well overdue, as the company’s profit margins compare poorly with those of rival Platinum Asset Management, for example. Management expects to reduce costs by $50m per year by 2015 (18% of the current cost base), including $0.5m in annual non-executive director fees.

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