Alexander Forbes boosts margin
Headline earnings come in as expected but CEO is disappointed
Although Alexander Forbes has delivered headline earnings well within the guidance given in its trading statement in May, CEO Andrew Darfoor is disappointed with the 8.1% decline it reported for the year to March. "Headline earnings are down compared with the eight months [immediately before] the year-end," he said after the release of results on Monday. "This only accounts for eight months of Lane Clark & Peacock earnings, which is not on a consistent basis." Total earnings, of R683m, were dragged down in the last four months of its year, reflecting the group’s sale of its interest in UK actuaries Lane Clark & Peacock — excluded from its books for the period. The financial services group has sold its offshore interests to focus on Africa. Darfoor said that margins had improved for the first time since the group listed on the JSE, and cash generated from its continuing operations was up. Adrian Cloete, portfolio manager at PSG Wealth, said the group’s normalised operating profit and...
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