Latest news with #MNG
Yahoo
19-03-2025
- Business
- Yahoo
MNG stock rises on strong FY24 results and upbeat targets
-- Shares of M&G Plc (LON:MNG) climbed 3.21% following the announcement of solid FY24 operating results and optimistic future targets. The company reported an adjusted operating profit and operating capital generation that surpassed expectations, driven by non-underlying items such as foreign exchange gains and a one-off in shareholder annuities. The adjusted operating profit for the fiscal year came in at £837 million, outpacing the consensus of £769 million and RBC estimates of £781 million. The firm's Solvency II ratio, a measure of capital adequacy, stood at 223%, exceeding the consensus by 7 percentage points. This result was supported by the operating capital generation beat, which was reported at £933 million against a consensus of £916 million. However, asset management net flows were weaker than expected, with a £0.9 billion outflow compared to the consensus of a £0.1 billion outflow. Looking ahead, MNG has set ambitious targets for the FY25-27 period, including an average annual adjusted operating profit growth of at least 5%, which suggests consensus earnings upgrades of 4-6%. The company also aims to generate £2.7 billion in operating capital over the next three years, a figure that aligns with previous achievements but is considered higher quality due to a larger proportion being underlying. Furthermore, MNG has formalized a progressive dividend policy, announcing a 2% rise in dividends per share (DPS) for FY25, which is in line with consensus expectations of approximately 3% growth per annum through FY27. RBC analysts commented on the company's financial guidance, stating, "MNG's new operating capital generation guidance (OCG) implies small downgrades to consensus, once new business capital strain is considered. However, it remains strong enough to underpin MNG's confidence to commit to a progressive dividend policy, while also continuing to invest in the business (via higher Life new business capital strain)." Related Articles MNG stock rises on strong FY24 results and upbeat targets Exor NV lifts stake in Philips to 18.7% Adyen and AstraZeneca gain TD Cowen's Best Ideas recognition on growth potential Sign in to access your portfolio
Yahoo
19-03-2025
- Business
- Yahoo
MNG stock rises on strong FY24 results and upbeat targets
-- Shares of M&G Plc (LON:MNG) climbed 3.21% following the announcement of solid FY24 operating results and optimistic future targets. The company reported an adjusted operating profit and operating capital generation that surpassed expectations, driven by non-underlying items such as foreign exchange gains and a one-off in shareholder annuities. The adjusted operating profit for the fiscal year came in at £837 million, outpacing the consensus of £769 million and RBC estimates of £781 million. The firm's Solvency II ratio, a measure of capital adequacy, stood at 223%, exceeding the consensus by 7 percentage points. This result was supported by the operating capital generation beat, which was reported at £933 million against a consensus of £916 million. However, asset management net flows were weaker than expected, with a £0.9 billion outflow compared to the consensus of a £0.1 billion outflow. Looking ahead, MNG has set ambitious targets for the FY25-27 period, including an average annual adjusted operating profit growth of at least 5%, which suggests consensus earnings upgrades of 4-6%. The company also aims to generate £2.7 billion in operating capital over the next three years, a figure that aligns with previous achievements but is considered higher quality due to a larger proportion being underlying. Furthermore, MNG has formalized a progressive dividend policy, announcing a 2% rise in dividends per share (DPS) for FY25, which is in line with consensus expectations of approximately 3% growth per annum through FY27. RBC analysts commented on the company's financial guidance, stating, "MNG's new operating capital generation guidance (OCG) implies small downgrades to consensus, once new business capital strain is considered. However, it remains strong enough to underpin MNG's confidence to commit to a progressive dividend policy, while also continuing to invest in the business (via higher Life new business capital strain)." Related Articles MNG stock rises on strong FY24 results and upbeat targets Exor NV lifts stake in Philips to 18.7% Adyen and AstraZeneca gain TD Cowen's Best Ideas recognition on growth potential
Yahoo
29-01-2025
- Business
- Yahoo
Fashion chain Mango's CEO to succeed chairman Andic
MADRID (Reuters) - The chief executive of Spain's second-largest fashion company Mango, Toni Ruiz, will also become chairman of the board, replacing Mango's founder and owner, Isak Andic, who died in a mountain accident last December, the company said on Wednesday. Andic's son, Jonathan, will serve as vice-president of the board, and the founder's two daughters will also be part of the holding company MNG. Mango will also expand its board to include Manel Adell, former CEO of Spanish fashion brand Desigual, as an independent member to strengthen its corporate governance, the company added in a statement. The fashion company has positioned itself as a premium retailer with higher prices than its larger rival, Inditex-owned Zara, and has an ongoing plan to expand in the U.S. market. Spain's Inditex is the world's largest fast-fashion retailer. Ruiz, who joined Mango as a general director in 2015, has said he will continue the strategic plan with the aim of reaching 4 billion euros ($4.16 billion) in sales by 2026. The unlisted Barcelona-based company, with a presence in more than 120 markets, reported sales of 3.1 billion euros in 2023. Ruiz bought a 5% stake in the company in 2023. "Andic built Mango and had an extraordinary knowledge of the sector and the business ... the times will change, but it is important that leaders preserve Andic's attitude and spirit," said Guido Stein, professor at Madrid business school IESE. ($1 = 0.9609 euros) Sign in to access your portfolio
Reuters
29-01-2025
- Business
- Reuters
Fashion chain Mango's CEO to succeed chairman Andic
MADRID, Jan 29 (Reuters) - The chief executive of Spain's second-largest fashion company Mango, Toni Ruiz, will also become chairman of the board, replacing Mango's founder and owner, Isak Andic, who died in a mountain accident last December, the company said on Wednesday. Andic's son, Jonathan, will serve as vice-president of the board, and the founder's two daughters will also be part of the holding company MNG. Mango will also expand its board to include Manel Adell, former CEO of Spanish fashion brand Desigual, as an independent member to strengthen its corporate governance, the company added in a statement. The fashion company has positioned itself as a premium retailer with higher prices than its larger rival, Inditex-owned Zara, and has an ongoing plan to expand in the U.S. market. Spain's Inditex ( opens new tab is the world's largest fast-fashion retailer. Ruiz, who joined Mango as a general director in 2015, has said he will continue the strategic plan with the aim of reaching 4 billion euros ($4.16 billion) in sales by 2026. The unlisted Barcelona-based company, with a presence in more than 120 markets, reported sales of 3.1 billion euros in 2023. Ruiz bought a 5% stake in the company in 2023. "Andic built Mango and had an extraordinary knowledge of the sector and the business ... the times will change, but it is important that leaders preserve Andic's attitude and spirit," said Guido Stein, professor at Madrid business school IESE. ($1 = 0.9609 euros)
