M&G beats estimates for 1H profits and net client flows

by | Sep 20, 2023

(Sharecast News) – Global investment manager M&G posted stronger-than-expected interim profits and net client flows.
Pretax profits for the first half of its financial year came in at £75m with adjusted operating profits printing at £390m (consensus: £284m).

Assets under management and administration meanwhile came in at £332.8bn (consensus: £339bn).

However, client net inflows for the half, excluding Heritage, reached £700m (consensus: -£2.2bn).

Operating capital generation of £505m also beat analysts’ estimates for £328m.

As well, the 6.5p interim dividend per share declared by management was in line with analysts’ estimates.

The firm said it was on track to meet its 2024 operating capital generation target of £2.5bn and that it was making good progress on its 2025 financial targets.

— More to follow —

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