13 September 2017 – interim results
The group has announced its interim results for the six months to 30 June and these have revealed that adjusted pre-tax profits fell to £66.0m (2016: £158.1m) with earnings per share falling to 6.30p (2016: 18.41p). The interim dividend was increased to 1,17p (2016: 1.10p) reflecting the confidence of the company in the future. The group remains focused on the UK retirement income market which is a sector that is expected to grow going forward given the demographics of the UK – however, given the run in the share price we reduce our recommendation to HOLD.