Perpetual Limited (AU:PPT) has released an update.
Perpetual Limited is set to report a substantial non-cash impairment charge of approximately $547 million pre-tax for the FY24 financial year, due to significant net outflows, primarily in its J O Hambro and TSW investment strategies. Despite the impairment, resulting from revised expectations for future flows after the Pendal Group acquisition, Perpetual maintains compliance with its banking covenants and its liquidity remains unaffected. The financial impact will be evident in the statutory results for FY24, yet the company’s borrowing terms have been adjusted to classify the debt as non-current, with repayment not due until November 2025.
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