BUSINESS DAY TV: Things are tougher, says Peregrine’s Hertz
Peregrine Group CEO Jonathan Hertz takes us through full-year results, which show the financial services company maintaining its dividend despite a dip in headline earnings, with Nesi Chetty from Momentum Property Fund
Jonathan Hertz is Peregrine Group CEO. BUSINESS DAY TV: Peregrine’s maintained its full year dividend at 155 cents cushioning its shareholders from a 17% drop in earnings. Group revenue came in 10% lower while profit for the year declined by 14%. Peregrine’s Group CEO Jonathan Hertz joins us in studio now. Jonathan ... so your normalised earnings down 16% and that even with annuity income making up 75% of group earnings, 90% of group revenue, which acts as somewhat of a buffer, so things are really getting tough out there it seems... JONATHAN HERTZ: Yes, certainly from our results this year, the operating businesses were actually pretty strong and we were comfortable with the performance across our various subsidiaries but when your investments are under pressure, which certainly happened in our case, that translates to weaker earnings across the board. Most of our shareholders are more interested in what our sustainable earnings are so the market actually quite liked the results to...
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