Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  M&G plc    MNG   GB00BKFB1C65

M&G PLC

(MNG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

M&G plans savings push into Europe as first half profit tops forecast

08/12/2020 | 04:24am EST

M&G is planning to launch its flagship Prufund retail savings product in mainland Europe by year-end, it said on Wednesday, as the British insurer and asset manager reported above forecast first-half profit.

M&G, which was spun out by parent Prudential last year, has signed memorandums of understanding (MOUs) with two banks in Europe to distribute Prufund, Chief Executive John Foley told Reuters. He declined to name the banks, citing confidentiality agreements.

The 136 billion pound Prufund, which pools long-term investments, saw net inflows of 800 million pounds in the six months to end-June.

Overall net outflows from savings and asset management totaled 4.1 billion pounds, however, as retail investors pulled money out during the coronavirus-led market sell-off.

"The pandemic was obviously unhelpful, people ran for cash," Foley said, adding that going forward: "The basic drivers don't change, people still need to save for their retirement."

Assets under management and administration totaled 339 billion pounds at end-June, above 329 billion seen in a company-supplied consensus poll.

Adjusted operating profit fell 57% to 309 million pounds, slightly ahead of the 299 million pounds forecast. Extra costs related to the demerger contributed to the fall in profit, M&G said.

The pandemic has hit insurers and asset managers across the board.

Asset manager Standard Life Aberdeen last week recorded a 30% drop in pre-tax profit, while life insurer Legal & General posted a 2% fall in first-half operating profit.

M&G's shares were up 2% at 178 pence at 0716 GMT, one of the strongest performers in the FTSE 100. JPMorgan analysts described the results as "solid", reiterating their "overweight" rating.

M&G said it would pay an interim dividend of six pence per share, in line with forecasts.

(Reporting by Carolyn Cohn, editing by Sinead Cruise and Emelia Sithole-Matarise)

By Carolyn Cohn


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
JPMORGAN CHASE & CO. -0.41% 131.58 Delayed Quote.3.97%
LEGAL & GENERAL PLC 0.62% 257.8 Delayed Quote.-3.16%
M&G PLC -3.85% 183.4 Delayed Quote.-7.35%
MSCI UNITED KINGDOM (STRD, UHD) 0.78% 1069.255 Real-time Quote.2.91%
PRUDENTIAL PLC 1.14% 1372.5 Delayed Quote.1.89%
STANDARD LIFE ABERDEEN PLC 1.68% 308 Delayed Quote.9.49%
All news about M&G PLC
01/19M&G : continues suspension of dealing in M&G Property Portfolio
PU
01/14M&G : EastendHomes to build 142 homes following £25 million financing deal to su..
PU
01/14M&G : provides £303 million loan for central London office acquisition
PU
01/11M&G Chairman Takes Leave of Absence on Stress-Related Illness
MT
01/11M&G : announces Board update
PU
01/11M&G : Cannot Return Money to Investors of $2.8 Billion Property Fund Due to FCA ..
MT
01/04M&G : Eva Sun-Wai appointed manager of M&G Global Government Bond Fund
PU
2020M&G : announces Rob Marshall to lead new Stewardship and Sustainability t
PU
2020M&G : continues temporary suspension of Property Portfolio
PU
2020M&G : joins Net Zero Asset Managers in global climate change commitment
PU
More news
Financials
Sales 2020 9 111 M 12 517 M 12 517 M
Net income 2020 1 132 M 1 556 M 1 556 M
Net Debt 2020 7 499 M 10 302 M 10 302 M
P/E ratio 2020 4,25x
Yield 2020 9,64%
Capitalization 4 744 M 6 515 M 6 517 M
EV / Sales 2020 1,34x
EV / Sales 2021 0,99x
Nbr of Employees 6 000
Free-Float 99,5%
Chart M&G PLC
Duration : Period :
M&G plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends M&G PLC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 208,64 GBX
Last Close Price 183,40 GBX
Spread / Highest target 31,4%
Spread / Average Target 13,8%
Spread / Lowest Target 1,96%
EPS Revisions
Managers and Directors
NameTitle
John William Foley Chief Executive Officer & Director
Fiona Jane Clutterbuck Chairman
Roddy Thomson Chief Operating Officer
Clare Jane Bousfield Chief Financial Officer & Director
Robin Ann Lawther Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
M&G PLC-7.35%6 736
BLACKROCK, INC.0.04%110 278
UBS GROUP AG3.61%52 153
BANK OF NEW YORK MELLON CORPORATION (THE)-2.69%36 623
T. ROWE PRICE GROUP INC.3.71%35 552
STATE STREET CORPORATION-0.21%25 621