Announcement - Positive outlook; increased full year dividend announced
19 May 2004
Perpetual Trustees Australia Limited Chairman, Mr Charles Curran, said in the May letter to shareholders released today, that the board expects the group's operating profit after tax for the year (excluding gains on investment sales) will increase by not less than 25 percent over last year's result of $68.2 million.
The board has reconfirmed its intention to pay a special dividend of 50 cents per share fully franked on 23 June, in addition to a final dividend of not less than 80 cents per share fully franked, to be paid in August.
"Since 31 December 2003, Perpetual Investments' funds under management increased by $1.2 billion to $20.6 billion at 30 April 2004."
"We are delighted that the Perpetual Investments team was recently awarded the Money Management ASSIRT Australian Equities Fund Manager of the Year 2004 Award and the overall Money Management ASSIRT Fund Manager of the Year 2004 Award. This closely follows our other major recognition in February as the overall Morningstar Fund Manager of the Year 2003 and Morningstar Australian Equities Fund Manager of the Year 2003," Mr Curran said
"The combining of the Perpetual Investments and Personal Financial Services operations, client service, product development, marketing and administration functions into Perpetual's Wealth Management division has yielded excellent results. Cost efficiencies at the annual rate of $5 million announced in January have been achieved and potential for several other value creating opportunities have been identified.
"The Corporate Trust business has continued its consistently strong performance, with securitisation funds under administration increasing since 31 December 2003 by $7.2 billion to $104.5 billion at 30 April 2004.
"ASX Perpetual Registrars Limited, 50 percent owned by Perpetual continues its good performance with recent new client wins including ING Office Trust, ING Industrial Trust and WMC Resources. The acquisition of Queensland based share registry business Pitcher Partners in April, adds a further 100 new clients, including Suncorp Metway, to this business," Mr Curran said.
"Our revenues continue to grow from a quality range of financial services products we offer to our clients and investors. We remain focused on identifying efficient new ways to provide our clients with the high standard products and services they expect from Perpetual.
"Subject to economic conditions and investment markets, we anticipate increased earnings in 2004-2005," Mr Curran said.