Full Year 2024 Perpetual Ltd Earnings Call Transcript
Key Points
- Perpetual Ltd (ASX:PPT) reported an underlying profit after tax of $206.1 million, up from $163.2 million last year.
- The integration of Pendal Group has progressed faster than expected, delivering over $80 million in annualized expense synergies ahead of the original target.
- Revenue increased to $1,335 billion, a 32% rise driven by the full-year contribution from Pendal and growth in corporate trust and wealth management.
- The company has launched new higher-margin products, including the Perpetual Strategic Capital Fund and the Regnan Global Mobility Logistics Fund.
- Perpetual Ltd (ASX:PPT) has a strong balance sheet with $221.3 million in cash and a gearing ratio of 28.2%, within the group's risk tolerance.
- The asset management division experienced greater-than-expected net outflows, leading to a significant item of $547 million and a statutory loss of $472.2 million for the year.
- Diluted earnings per share on UPAT decreased by 9% due to a higher average weighted number of shares following the Pendal acquisition.
- Net outflows of $18.4 billion were reported across the year, primarily from Hambro and TSW.
- The effective tax rate increased to 27.3%, up from 25.5% in the previous year, due to non-deductible expenses from the Pendal acquisition.
- The company faces uncertainty regarding the tax implications of the scheme of arrangement with KKR, which could impact net cash proceeds.
Good day, and thank you for standing by. Welcome to Perpetual full-year results briefing 2024 conference call. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Head of Investor Relations, Susie Reinhardt. Please go ahead.
Thank you. Good morning, everyone, and welcome to Perpetual's full-year 2024 results briefing. Before we begin today, we would like to acknowledge the traditional owners and custodians of the land on which we present from today here in Sydney, the Gadigal people of the Eora Nation, and recognize their continuing connection to land, waters, and community. We pay our respects to Australia's first peoples and to their elders past and present.
We would also like to extend our respect and welcome to any Aboriginal or Torres Strait Islander people who are listening in today and acknowledge the traditional custodians of the various lands on which you all work today.
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