Peregrine expects volatility to continue for the next year
Wealth and asset manager Peregrine Holdings says SA is still a long way from returning to normal after the Covid-19 pandemic, and volatility should persist for the next six to 12 months.
The economic and social impacts of the Covid-19 lockdown are starting to come to the fore, and SA’s ability to respond to the crisis remains limited by an economy that was under strain before the pandemic hit, the group said on Tuesday.
“Whilst uncertainty prevails as to how this crisis will play out to finality, we are still a long way from returning to normal,” the group said.
“Fiscally, before the Covid-19 crisis SA was in a difficult situation, so the ability to create space for stimulus remains highly limited as business confidence has slumped to an all-time low,” it said.
Headline earnings per share for the year to end-March fell 28% to 151.6c. The prior period had included a one-time performance fee of R58m arising from a previous disposal of a property, as well as profits of R77m from the Broking & Structuring business before its disposal in October 2018.
Assets under management rose 15% to R142bn, while profit for the year fell 37% to R328m.