Enduring Prosperity - Financial Services Growth Strategy
1H22 financial results
UPAT up 54% and dividend up 33%
For the period
1H22
$m
2H214
$m
1H214
$m
(%)
(%)
Operating revenue
384.9
359.9
280.6
7%
37%
.
Total expenses
(275.3)
(260.9) (210.4)
(6%)
(31%)
Underlying profit before tax (UPBT)
109.6
99.1
70.3
11%
56%
Tax expense
(30.5)
(27.6)
(19.0)
(11%)
(61%)
Underlying profit after tax (UPAT)1
79.1
71.5
51.3
11%
54%
Significant items²
(19.8)
(26.5)
(23.4)
26%
16%
Net profit after tax (NPAT)
59.3
45.0
27.9
32%
113%
Diluted EPS on UPAT (cps) 3
138.1
125.2
93.2
10%
48%
1H22 v 2H21 1H22 v 1H21
Key highlights
Revenue growth of 37% primarily driven by a full
six month contribution from Barrow Hanley, and
solid growth across Perpetual Private and PCT
Underlying expenses increased 31% mainly due to
the addition of expenses relating to newly acquired
businesses Jacaranda Financial Planning, Laminar
Capital and a full six months of Barrow Hanley, as
well as higher variable remuneration and
investment in technology
Significant items of $19.8m mainly comprised of
transaction and integration costs associated with
the acquisition/establishment of Barrow Hanley,
Trillium and other acquisitions, as well as the
amortisation of acquired intangibles
Diluted EPS on NPAT (cps) ³
103.6
78.9
50.6
31%
105%
Dividends ($ps)
1.12
0.96
0.84
17%
33%
Return on equity on UPAT (%)
17.3
15.8
13.2
1.5
4.1
Return on equity on NPAT (%)
13.0
10.0
7.2
3.0
5.8
1. Underlying profit after tax (UPAT) attributable to equity holders of Perpetual Limited. 2. Significant items breakdown shown in Appendix A and Appendix B of the OFR and are shown net of tax. 3. Fully diluted using the weighted average number of
ordinary shares and potential ordinary shares on issue (1H22: 57,259,782). 4. 1H21 UPAT has been restated due to a change in accounting policy on the treatment of Software-as-a-service (SaaS) costs. Refer to Section 5-2 in the Financial Statements
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