Perpetual $27.3m Up 19% 1H2013

Wealth Management company and fund manager, Perpetual (ASX:PPT) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stock market.

• Perpetual have announced its half year results with profit at $27.3 million, up 19 percent from $22.9 million.
• The result included $6 million impairment relating to restructuring and a $5.2 million non-cash cost related to the closure of Dublin operations.
• Operating revenue was $179.4 million down 3 percent.
• Perpetual chief executive officer and managing director Geoff Lloyd said, "Total market flows excluding cash went into positive territory in the September 2012 quarter for the first time after a full year of negative net flows, but it may take a prolonged period of market stability to fully rebuild investor sentiment and create a sustained recovery in flows."
• Perpetual underlying profit was $35.1 million, up 2 percent. This excludes restructuring costs.
• Perpetual have cut 450 jobs since mid last year to save $12.3 million per year. The company is six months into a 2 year cost cutting plan.
• Perpetual has declared a fully-franked interim dividend of 50 cents per share.