PPT -2.29%: the fund manager and corporate trustee business posted a messy 1H result which included Pedal for the full 6 months for the first time. Revenue climbed 69% to $657.8m, though this was in line with expectations, however, Net Profit of $98.2m was a 4% miss on higher-than-expected costs. The Asset Management side of the business came in worse than expected despite strong synergy realisation in the half while other costs were higher than consensus. The strong Corporate Trust result helped offset part of the weak AM numbers. Disappointingly, there was no update on the ongoing strategic review which is looking at breaking up the two main arms. The market is hoping this will lead to potential corporate interest, particularly given Soul Patts (SOL) had lobbed a bid back in December.
MM is neutral PPT
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