LONDON (dpa-AFX) - Phoenix Group Holdings (PHNX.L), a specialist closed life fund consolidator, reported Wednesday that its first-half IFRS profit after tax attributable to owners was 39 million pounds, compared to loss after tax of 24 million pounds last year. Earnings per share for the period were 3.7 pence, compared to loss of 5.5 pence last year.
The latest period's results primarily reflect the improved operating profit and a tax credit arising in the year, partly offset by an increased amortisation charge on intangibles due to the acquisition of the Standard Life Assurance businesses.
However, loss before tax attributable to owners widened to 51 million pounds from 38 million pounds in the same period last year.
Group operating profit rose to 325 million pounds from 216 million pounds in the prior-year period.
Total revenue, net of reinsurance payable, rose to 1.93 billion pounds from 945 million pounds a year ago.
Further, the company's board declared an interim dividend of 23.4 pence per share, an increase of 3.5 percent from 22.6 pence in the year-ago period.
Looking ahead, the Group expects to be towards the upper end of its cash generation target range of 600 million pounds to 700 million pounds for full year 2019. The company also said it remains on track to deliver the total synergy target of 1.2 billion pounds for the Standard Life Assurance businesses transition.
Phoenix Group said that Mike Tumilty will join the Board on 1 September as a Non-Executive Director, replacing Barry O'Dwyer as a director nominated by Standard Life Aberdeen plc under the terms of the Relationship Agreement.
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