M&G (MNG)

Sector:

Financials

Index:

FTSE 100

200.50p
   
  • Change Today:
    -1.40p
  • 52 Week High: 238.80
  • 52 Week Low: 183.05
  • Currency: UK Pounds
  • Shares Issued: 2,380.25m
  • Volume: 4,411,565
  • Market Cap: £4,772.41m
  • RiskGrade: 186

M&G announces £500m share buyback

By Sean Farrell

Date: Tuesday 08 Mar 2022

LONDON (ShareCast) - (Sharecast News) - M&G announced a £500m share buyback as the investment manager posted reduced annual operating profit resulting partly from changes to the expected death rate.
Adjusted operating pretax profit fell to £721m in the year to the end of December from £788m a year earlier as assets under management rose to £370m from £367.2m. Profit fell partly because of lower benefits from changes to longevity assumptions.

M&G said it would buy back £500m of shares after generating £2.8bn of capital over two years, beating its £2.2bn target. The FTSE 100 group set a new target of £2.5bn capital generation by the end of 2024.

The company proposed an unchanged second interim dividend of 12.2p a share, taking the annual payout to 18.3p a share - up from 18.2p in 2020.

M&G shares rose 14.3% to 203.8p at 12:06 GMT.

John Foley, chief executive, said: "It has been another year of robust operational and financial performance. In light of this performance and our strong capital generation we are able to announce today £500m to be returned to shareholders by way of a buyback programme. I am confident that 2022 will be an inflection point for us."

M&G split from Prudential in 2019 and is seeking to overhaul its business after disappointing results. The company said it achieved its £145m cost savings target ahead of schedule and that improved fund flows were the result of measures to offer better value and returns.

Richard Hunter, head of markets at Interactive Investor, said: "M&G has further underlined the strength of its capital position, boosted by an increase of 16.7% in revenues. The [dividend] yield of 10.3% is not only the highest in the FTSE100, but is also a clear invitation to income-seeking investors, as opposed to growth investors who have not been rewarded in recent times."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

M&G Market Data

Currency UK Pounds
Share Price 200.50p
Change Today -1.40p
% Change -0.69 %
52 Week High 238.80
52 Week Low 183.05
Volume 4,411,565
Shares Issued 2,380.25m
Market Cap £4,772.41m
RiskGrade 186

M&G Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
9.87% below the market average9.87% below the market average9.87% below the market average9.87% below the market average9.87% below the market average
48.15% below the sector average48.15% below the sector average48.15% below the sector average48.15% below the sector average48.15% below the sector average
Price Trend
16.96% below the market average16.96% below the market average16.96% below the market average16.96% below the market average16.96% below the market average
8.62% below the sector average8.62% below the sector average8.62% below the sector average8.62% below the sector average8.62% below the sector average
Income
22.57% above the market average22.57% above the market average22.57% above the market average22.57% above the market average22.57% above the market average
15.15% below the sector average15.15% below the sector average15.15% below the sector average15.15% below the sector average15.15% below the sector average
Growth
74.43% below the market average74.43% below the market average74.43% below the market average74.43% below the market average74.43% below the market average
59.63% below the sector average59.63% below the sector average59.63% below the sector average59.63% below the sector average59.63% below the sector average

M&G Dividends

  Latest Previous
  2nd Interim Interim
Ex-Div 28-Mar-24 28-Sep-23
Paid 09-May-24 03-Nov-23
Amount 13.20p 6.50p

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 28,958 @ 200.50p
16:35 1,912,804 @ 200.50p
16:35 1,968 @ 200.50p
16:35 4,025 @ 200.50p
16:35 1,726 @ 200.50p

M&G Key Personnel

CFO Kathryn McLeland
CEO Andrea Rossi

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