The Perpetual (ASX:PPT) share price fell 7% after this announcement

The Perpetual Limited share price has taken a 7% dive today off the back of its half-yearly results. Here's a summary of them.

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Gretchen grew up in a small Connecticut town where she learned to read The Wall Street Journal as part of the grade six enrichment program. She moved to Australia in 2002, earned a Master of Arts (Professional Writing) and went on to spend eight years writing on Wall Street. In June 2018, Gretchen returned to Australia and has since developed a keen interest in all things ASX. In December 2020, she started writing for the Motley Fool. Gretchen's usually writing something, reading a book or chasing her dogs around.

Published February 18, 2021 12:52 pm AEDT

The Perpetual Limited (ASX: PPT) share price is down just over 7% to $31 at midday today. This comes after the financial services provider released its first half of 2021 results.

Let's review how the business and the Perpetual Limited share price have performed over the six-month period.

A man peers into the camera looking astonished, indicating a rise or drop in ASX share price — Image source: Getty Images

Perpetual Limited's first half 2021 highlights

Perpetual Limited reported $89.2 billion in total assets under management.

For the half-year ended 31 December 2020, Perpetual reported a net profit after tax (NPAT) of $29.2 million. Indeed, this is a significant drop compared to the NPAT for the half-year ended 31 December 2019 of $51.6 million.

Perpetual reported an underlying profit after tax of $52.6 million for the half-year ended 31 December 2020. Similarly, down slightly compared to $58.9 million for the half-year ended 31 December 2019.

In contrast, 1H21 operating revenue was up 10% on the pcp to $280.6 million. In this case, growth was predominantly driven by the international asset management division and completed acquisitions.

The company Directors resolved to pay a fully franked interim dividend of 84 cents per share. Down compared to $1.05 per share paid during the prior comparative period (pcp).

CEO speaks about performance

Commenting on the half-year performance, CEO and Managing Director, Mr. Rob Adams, said:

"We continue to make strong progress in executing our strategy. Our Asset Management teams have remained true-to-label, delivering solid performance for the period across all capabilities, including Australian equities in particular. Our first half was bookended by the completion of our strategic acquisitions of Trillium and then a 75% interest in Barrow Hanley. These acquisitions combine with the successful build-out of our US distribution team, to be transformational milestones for Perpetual as we continue to build world-class investment and distribution capabilities to provide greater diversification by business line, geography and asset class."

The Perpetual Limited share price at a glance

Year-to-date, the Perpetual Limited Share price is down 3.68%. However, an institutional share placement and share purchase plan was implemented during the period. Thus resulting in $270.1 million (net of costs) in proceeds.

The company's market capitalisation is $1.9 billion with 56.5 million shares outstanding.

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