Must do better, says CEO
Behind the numbers at Alexander Forbes and Peregrine
Darfoor feels Alexander Forbes should be providing solutions for all life stages and be as reliable as a Swiss watch
It is less than 300 days since Andrew Darfoor took over as CEO of Alexander Forbes. He says the group is not yet where he wants it to be. "I would like us to be seen as reliable as a Swiss watch, giving precisely what our customers expect every day," says Darfoor. But, he says, the team has started to deliver. It has generated enough cash in the year to March to declare a 23c special dividend, on top of the 23c final. The trading margin increased for the first time in three years, by 0.5% to 27.2%. The big disappointment, he says, is in the revenue line, up just 1.2% at R3.43bn. Darfoor says it is no good blaming the economy, as Forbes is a self-help business. It has 1.4m members and it has barely touched the surface. Just 80,000 have been converted into retail clients."We have focused on three or four touch points in our clients’ lives, principally just before retirement. We should be providing solutions for all life stages." A key to the strategy is the "Back to the Boardroom" app...
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