Peregrine protects shareholders from fall in earnings
Financial services group Peregrine cushioned its shareholders from a 14% drop in aftertax profit by maintaining its dividend at R1.55. Peregrine reported on Wednesday morning that revenue for the year to end-March declined 10% to R2.47bn and aftertax profit by 14% to R703m. The group’s share of its profit from Guernsey-based Stenham halved to R74m from R144m, partly due to the rand strengthening against the pound, but also due to settling a claim the results did not detail. "Excluding the once-off costs of settling a claim, which arose in prior periods, Stenham Asset Management performed reasonably with revenues in sterling terms having decreased primarily due to decreased performance fees. Despite net outflows amounting to $44m during the period under review, total assets under management and advice increased to $3.6bn from $3.4bn," Peregrine said. Assets under management at Citadel, the group’s wealth management business, declined slightly to R44.6bn from R44.9bn. Due to significa...
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