M&G profits nearly halve despite return to inflows

James Baxter-Derrington
clock • 2 min read
An interim ordinary dividend of 6.2 pence per share will be paid on 29 September.
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An interim ordinary dividend of 6.2 pence per share will be paid on 29 September.

Profits at M&G fell 44% over the first half of the year as assets under management and administration shed £21.1bn despite a return to net inflows across its wholesale business for the first time in four years. According to the firm's half year results, adjusted operating profit before tax fell from £327m to £182m, which was attributed to current market conditions, increasing expenses and a high core cost base. Two thirds of M&G AUM fails to meet performance expectations IFRS loss be...