By Benjamin Chiou
Date: Thursday 21 Mar 2024
LONDON (ShareCast) - (Sharecast News) - Savings and investments firm M&G beat analysts' forecasts with its 2023 results, with net client flows, adjusted profits and operating capital generation all up materially on the previous year.
Adjusted operating profit before tax totalled £797m, up from £625m in 2022, which the firm put down to a resilient performance in Asset Management, and improved contributions from Life, Wealth and Corporate Centre. This was well ahead of the consensus forecast of £750m, according to UBS.
The IFRS profit after tax came in at £309m, compared with a loss of £2.1bn previously, due to a big reduction in losses relating to short-term fluctuations in investment returns.
"M&G has performed very well in 2023. Today's results show positive business momentum and meaningful improvements across key financial metrics," said chief executive Andrea Rossi.
M&G saw net client inflows (excluding the Heritage business in Life) of £1.1bn, up from just £0.2bn in 2022, as big inflows in International Institutional Asset Management and Wholesale Asset Management were able to offset £6.2bn of net client outflows in UK Institutional Asset Management, triggered by the 2022 mini-budget crisis and the ongoing de-risking of Defined Benefit pension funds.
Operating capital generation rose 20% year-on-year to £996m, taking the total generated over the past two years to £1.8bn, as the company works it way to a three-year cumulative operating capital generation target of £2.5bn by the end of 2024.
The company proposed a second interim dividend of 13.2p per share, taking the total payout to 19.7p for the year, up just 0.1p from last year.
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Currency | UK Pounds |
Share Price | 209.30p |
Change Today | 2.20p |
% Change | 1.06 % |
52 Week High | 238.80p |
52 Week Low | 183.05p |
Volume | 1,657,059 |
Shares Issued | 2,380.25m |
Market Cap | £4,981.87m |
RiskGrade | 186 |
Value |
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Latest | Previous | |
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2nd Interim | Interim | |
Ex-Div | 28-Mar-24 | 28-Sep-23 |
Paid | 09-May-24 | 03-Nov-23 |
Amount | 13.20p | 6.50p |
Time | Volume / Share Price |
13:36 | 2,467 @ 209.26p |
13:35 | 1 @ 209.40p |
13:35 | 200 @ 209.20p |
13:34 | 33 @ 209.20p |
13:34 | 25 @ 209.26p |
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