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Business Description: Perpetual Ltd (PPT) is an independent financial services group operating in funds management, portfolio management, financial planning, financial advisory, and trustee services. PPT offers investment products, financial advice, philanthropic and corporate services to individuals, families, financial advisers and organisations.
Strategy Analysis: CEO Geoff Lloyd introduced his strategy in June 2012 and is targeting cost savings of $50m p.a. by FY15 from its restructure program, 'Transformation 2015'. This equates to a reduction of around 300 full time equivalent staff (FTE) and 18% of PPT's FY12 cost base excluding the mortgage processing business, which is has been sold. Total costs associated with the restructure program and impairments amount to $70m pre-tax over two years, comprising $50m cash costs and $20m impairments and write-downs. Transformation 2015 is a three-year program which has a three pronged focus: Simplify, Refocus and Grow. The aim is to have a simpler, leaner and more efficient business and refocus on areas where it has a competitive advantage and can leverage existing core businesses for new growth. Essentially the goal is to reduce costs, improve efficiency, and simplify the management structure to allow a better focus upon growing the business more profitably and sustainably.
Perpetual reported NPAT up 19% to $27.34m for the half-year ended 31 December 2012. The Underlying Profit After Tax (UPAT) for the half-year was $35.1m, up 2% on 1H12, and 13% on 2H12. The improvement in UPAT on the prior periods reflects the benefits of continued execution against the Transformation 2015 program. Revenues from ordinary activities were $175.21m, down 3% from the same period last year. Diluted EPS was 67.0 cents compared to 53.8 cents last year. Net operating cash flow was $38.53m compared to $9.53m last year. The interim dividend declared was 50 cents in line with 50 cents last year.
The Age 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
The Age 20/05/2013 |
Tiger Australia has continued to narrow its losses due to stronger returns from fares and is operating without restrictions from air-safety authorities.
The Age 20/05/2013 |
When it comes to forecasting the economy - and thereby the budget balance - the econocrats of the Reserve Bank and Treasury are on a hiding to nothing.
The Age 20/05/2013 |
Markets ought to be about competition. To quote historian Niall Ferguson, they should ensure the survival of the fittest, not the fattest.
The Age 20/05/2013 |
Investment bank Morgan Stanley Smith Barney is being sued after losing more than $5 million from the super accounts of two private clients with a series of "aggressive, highly speculative and high-risk" trades using derivatives and share options.
Sydney Morning Herald 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
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