Phoenix Group has reported a boost to profits in the first half of the year, while the sale of Ignis allowed it to pay down its debt.
Operating profits increased to £266m in the first half of the year compared to £186m for the same period last year, latest results show. The closed life fund consolidator said £114m of its profit came from ‘management actions’, this was up from £24m in the previous year. The sale of Ignis Asset Management to Standard Life Investments, which was agreed in March and completed on 1 July, brought in £390m for the business. The results explained a "comprehensive debt refinancing" had been achieved. Adding, the Ignis sale supported a £250m prepayment of bank debt. The transformation o...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
