Wealth manager, Perpetual Limited, has announced a statutory Net Profit After Tax1 (NPAT) of $22.9 million for the six months to 31 December 2011, a 35% drop on the previous year.

 

The result includes a $10.2 million after tax expense related to the closure of the group’s Dublin global equities manufacturing capability and the restructuring of the retail distribution and marketing functions, and a $2.2 million after tax loss on market-linked investments.

 

Perpetual’s new CEO Geoff Lloyd said  that refinement of the growth strategy across the group, cost reduction, and reinvigoration of sales and distribution were the three key priorities for his management team.

 

“I have formed a dedicated internal team to identify further meaningful cost reductions across our business units, commencing immediately. An international consulting firm has been appointed to provide this team with access to global expertise in the area of cost reduction and we expect to start implementing the outcomes of the cost review before the end of this reporting period.” Mr Lloyd said.