J O Hambro creates Perpetual impairment provision | Australian Markets
UK-based energetic investment boutique J O Hambro Capital Management is proving problematic for Perpetual Limited obliging it to inform the Australian Securities Exchange (ASX) of an anticipated non-cash impairment charge.
Perpetual notified the ASX that, having accomplished its impairment testing for the yr ended 30 June, it expects to recognise a non-cash impairment charge of roughly $153.7 million, post-tax.
It stated the non-cash charge consists of an further impairment of $128 million for the second half of the financial yr, predominantly associated to the carrying worth of goodwill and buyer contracts for the J O Hambro boutique within Perpetual’s asset management business.
The Perpetual announcement stated that, as beforehand introduced in quarterly updates, “certain key J O Hambro strategies continued to experience greater than expected net outflows throughout FY25”.
“The impairment will impact the statutory results of the Group for the FY25 financial year,” the Perpetual announcement stated.
J O Hambro turned half of the Perpetual asset management business following Perpetual’s 2023 acquisition of Pendal.
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