Old Mutual departing chief says group has choices now

“Across the group it’s been a very good first half”, said Roberts, citing the higher operating profit of 904 million pounds, up from 755 million pounds a year ago and ahead of a consensus market forecast of 850 million pounds. “We have an absolute focus on attaining this, whereas being a accountable enterprise”, Roberts stated in a press release.

The Board of Savills plc has declared an interim dividend of 4.0 pence per share.

“Old Mutual’s Rest of Africa businesses are growing strongly, with profits up 31%, and Nedbank’s Rest of African division has seen very significant growth through the acquisition of a 20% stake in ETI”.

Old Mutual shares have been up four.9% at 229.10 pence on Thursday…

Underpinning the profit boost were strong performances from across its various units, with net client cash flow into its UK business at 2.3 billion pounds and profits at its wealth management unit up 26 percent.

“In our main market of South Africa we expect conditions to remain challenging as power shortages constrain growth and an upward interest rate cycle will increase financial pressure on consumers”, Old Mutual said in the statement.

The outgoing chief executive of Old Mutual said he had left the new management with choices about how to take the sprawling Anglo-South African financial group forward.

Roberts, who is making way for Bruce Hemphill, previously of Standard Bank, said there is further evidence that Old Mutual has right right business model in the UK, where there have been big changes in pensions rules that no longer require individuals to buy annuity products in retirement. This year is about ensuring that these investments are fully integrated and making the returns we expect.