Quilter shares reverse losses
Growth in earnings sees the company's shares climb to six-month high after earlier declines
UK wealth manager Quilter has almost reversed all of its losses since listing as a separate company after its split from Old Mutual, with the latest rally driven by double-digit growth in full-year earnings. The shares climbed to a six-month high even as CEO Paul Feeney said he expected to miss money inflow targets as the companies, like its peers in the country, prepare themselves for Brexit, which is nearing its end-game and may discourage investors from putting “new money to work”. The group posted an 11% increase in profit before tax to £233m in the year ending December, cheering investors who pushed the share price up by as much as 5% both in London and Johannesburg. The share price had been on a downward slope on the JSE since the listing, losing as much as 23% compared with the listing high of R26.80. On Tuesday, it narrowed that loss to just 1.4% when it reached an intraday high of R26.42. The group, which was previously Old Mutual’s UK wealth management business, listed a...
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