M&G (MNG)

Down
Share Price:
355.80p
Market Cap:
£8,575m
Change Today:
-0.100p
Sector:
Financials

M&G reports H1 net outflows of £1.5bn

By Iain Gilbert

Date: Wednesday 04 Sep 2024

LONDON (ShareCast) - (Sharecast News) - Investment manager M&G reported net outflows of £1.5bn for the six months ended 30 June, excluding its Heritage division, a marked difference compared to net inflows of £700.0m at the same time a year earlier.
M&G said adjusted pre-tax operating profits also fell, dropping 3.8% year-on-year to £375.0m, while operating capital generated by the group slipped from £505.0m to £486.0m.

As a result, the FTSE 100-listed group announced an increased cost-savings target of £220.0m by FY25, up from £200.0m, and stated it was now eyeing operating capital generation of £2.7bn, up from £2.5bn.

Chief executive Andrea Rossi said: "Over the last 18 months, we have made meaningful progress transforming M&G by focusing on our strategic priorities: financial strength, simplification, and growth.

"Against the backdrop of a challenging market environment in the first half of the year, we have delivered another resilient financial performance with adjusted operating profit and capital generation nearly matching last year's excellent results."

As of 0905 BST, M&G shares were down 2.78% at 210.20p.









Reporting by Iain Gilbert at Sharecast.com

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

 

M&G Market Data

Currency UK Pounds
Price 355.80p
Change Today -0.100p
52 Week High 364.40p
52 Week Low 248.60p
Volume 4,690,080
Shares Issued 2,410.03m
Market Cap £8,575m

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