Financial

Perpetual (ASX:PPT) swings to net loss in FY24

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Perpetual reported an underlying profit after tax of $206.1 million, marking a 26% increase over FY23.

Net profit after tax swung to a $472.2 million loss, impacted by non-cash impairments totalling $547.4 million.

Operating revenue boosted 32% to $1.34 billion.

In a statement, Rob Adams, CEO and managing director of Perpetual, said, "Perpetual’s full year 2024 financial performance reflected the increased scale of our Asset Management business and the continued growth in both our Wealth Management and Corporate Trust businesses."

Perpetual's Asset Management business reported a 51% rise in underlying profit before tax to $200.4 million, supported by contributions from the Pendal Group.

Wealth Management and Corporate Trust also saw growth with underlying profit before tax climbing 15% and 4% respectively.

"The year has been marked by significant challenges and strategic adjustments, which are reflected in our financial outcomes," said Chris Green, CFO of Perpetual.

The final dividend for FY24 is set at 53 cents per share and will be paid on Oct. 4. This brings the total dividend for the year to $1.18 per share, with a 30% franking rate.

The dividend reinvestment plan will operate without a discount for the final dividend, allowing shareholders to reinvest their dividends in Perpetual shares.

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