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Phoenix Group Holdings PLC on Monday reported a ‘record’ first half for cash generation, offering it confidence for the rest of the year, despite a widened interim loss.
For the six months that ended on June 30, the London-based insurance services provider said total revenue climbed 28% to £2.69 billion from £2.10 billion a year earlier.
However, its pretax loss widened to £1.65 billion from £454 million. Its bottom line was hit by a £31.61 billion net investment loss, swinging from income of £8.11 billion a year earlier.
Administrative expenses rose to £1.1 billion from £963 million.
‘Phoenix delivered against all of its key objectives in H1, with a record set of financial results and clear strategic progress made. We have delivered further organic growth and also announced the cash funded acquisition of Sun Life of Canada UK. This will support us in delivering a dividend that is 'sustainable and grows over time',’ the London-based insurance services provider said.
Phoenix bought financial services firm Sun Life of Canada UK for £248 million in cash.
The company also hailed its ‘record’ first half cash generation of £950 million, up from £872 million a year earlier.
It is now ‘confident of delivering at the top-end of our £1.3 billion to £1.4 billion target range for the year’.
Looking ahead, Phoenix said it is on track to deliver all of its targets for 2022.
The FTSE 100 listing lifted its interim payout to 24.8 pence per share, up 2.9% from 24.1p a year prior.
Shares were down 0.2% at 679.80 pence each on Monday morning in London.
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