21 August 2014 – interim results
The specialist insurance group has announced its interim results for the six months to 30 June which have come in slightly lower than expected but are still pleasing figures all the same. The group has reported pro-forma MCEV of £2.6bn (2013: £2.4bn) with group IFRS operating profit of £266m (2013: £186m) and the interim dividend was maintained at 26.7p. Gearing has fallen from 44% at 31 December 2013 to 35% at the end of June. These figures are encouraging and the company is progressing well towards being a simpler and more lowly geared insurer. With the full year dividend expected to be increased to 56.07p, the shares sport a yield of almost 7.9% – continue to BUY FOR INCOME.