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Highlights:
- Pendal reported a 17% rise in underlying profit after tax for financial year 2022.
- The company announced a final dividend of 3.5 cents per share, payable on 15 December 2022.
- The company expects to complete the proposed acquisition by Perpetual in January 2023.
Global investment management group Pendal Group Limited (ASX:PDL) reported an underlying profit after tax of AU$194.2 million for financial year 2022 (FY22), up by 17% over the previous year. The statutory net profit after tax fell by 32% to AU$112.8 million.
Meanwhile, Pendal shares were trading 2.43% lower, at AU$4.41 apiece, at 11:09 AM AEDT. The benchmark index S&P/ASX 200 Financials (INDEXASX:XFJ) was down 0.49%, to 6,468.90 points.
In the past five trading sessions, Pendal’s share price has dropped by 10.18%. in the past year, the share price has fallen by 36.55%, and on a year-to-date basis, it has declined by 23.57%. In five years, Pendal’s share price has dropped by 57.72%.
Highlights of Pendal’s full-year 2022 results
- The company registered an 8% rise in fee revenue to AU$629.7 million.
- The operating expenses increased by 7% to AU$403.2 million.
- The Underlying earnings per share surged by 5% to 50.7 cents per share.
- The funds under management (FUM) decreased by 25%, to AU$104.5 billion, driven by a net outflow of AU$14.0 billion.
- The average funds under management grew by 15% to AU$124.3 billion.
Pendal announces dividend of 3.5 cps
Pendal’s board has determined a fully franked final dividend of 3.5 cents per share. With this, the full year dividend reaches 24.5 cents per share.
The final dividend is expected to be distributed on 15 December 2022. The record date is 2 December 2022.
The full-year payout ratio is 48%. This year, the payout ratio was low because of the proposed scheme with Perpetual Limited (ASX:PPT).
Update on Perpetual’s proposed acquisition
Pendal reported that the proposed takeover by Perpetual is expected to be completed in January 2023.
In August 2022, a scheme implementation deed was signed between Pendal and Perpetual, under which Perpetual proposed to buy 100% shares of Pendal by a scheme of arrangement.
The consideration was 1 share of Perpetual for every 7.5 shares of Pendal, plus AU$1.976 cash. The cash was to be adjusted if any final dividend was paid by Pendal for FY22.
Pendal informed the market that the scheme booklet that will provide the offer details is expected to be issued in November. The scheme meeting is expected in December 2022.
