Alexander Forbes expects profit fall and warns of UK legacy woes
Group says despite focus on cost containment, it is feeling effects of reduced earnings base while legacy liabilities have risen significantly
01 June 2021 - 09:39
UPDATED 01 June 2021 - 20:29
SA’s largest pension fund administrator, Alexander Forbes, has warned shareholders that headline profit will fall by more than R230m in its year to end-March, with the group feeling the effects of lost earnings after the sale of its SA insurance business and a R1.2bn liability related to a former subsidiary in the UK.
Total headline earnings per share is expected to fall as much as 65% to end-March, the group said in a trading update, warning shareholders that liability costs related to redress payments in the UK had risen significantly...
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