Just Group shares advance as its new business sales rise 15% in 2018
Chief executive, Richard Cook, said it was an “excellent” year for Just Group despite the “significant regulatory uncertainty” surrounding equity release mortgage rules
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LON:JUST
JustGroup - formed in 2016 by the merger of Just Retirement and Partnership Group - is a specialist UK financial services group focusing on attractive segments of the UK retirement income market. The group is a leading and established provider of retirement income products and services to individual and corporate clients.
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Chief executive, Richard Cook, said it was an “excellent” year for Just Group despite the “significant regulatory uncertainty” surrounding equity release mortgage rules
The departure of Just Eat boss Peter Plumb "isn’t a surprise given how the company’s share price had lost upward momentum under his tenure, plus the business had come under attack from activist investor Cat Rock," said AJ Bell's Russ Mould
The FTSE 250-listed retirement specialist said it has already aligned its new business pricing with the expected capital requirements from the regulator's consultation paper
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The FTSE 100 closed up around 92 points at 7,182. FTSE 250 also gained..
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Trading updates from Glaxo, Standard Chartered and Next are likely to be the highlights
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Aside from the oil majors, the slew of blue-chip updates due in the coming week will include global banks HSBC and Standard Chartered, and drugs firms GlaxoSmithKlne and Shire
The implementation of new rules around equity release mortgages had been expected to take place by the end of 2018 but have been pushed back by at least a year
Just Group has appointed David Richardson, deputy chief executive and managing director of the UK division, as interim CFO
The UK blue-chip index closed down around 14 points at 7,495 as the stronger pound weighed
Rules put out for consultation in July by the UK’s Prudential Regulation Authority would require the FTSE 250-listed firm and its rivals to set aside more capital to protect against the risks posed by lifetime - or equity release - mortgage
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The UK blue chip index was about 10 points lower at 7,373, above the session low of 7,357.09 but below the morning peak of 7,397.74
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It promises to be a busy Thursday morning with several closely followed firms reporting, meanwhile, around 9 points will come off the index with blue-chip miners such as BHP Billiton, Antofagasta, and Glencore going ex-dividend.
The warning took the shine off strong first half trading news from the FTSE 250-listed firm with total retirement products sales up 62% to £1.2bn, beating the consensus forecast for £930mln
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FTSE 100 closed at a new all time high on Thursday, up 0.70% to 7,787
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As Moya Greene's last set of Royal Mail results are released analysts expect the attention will be on guidance for 2019.
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Week ahead includes updates from drugs giant AstraZeneca, mobile phones operator Vodafone Group, British Gas-owner Centrica, and postal delivery firm Royal Mail Group
The FTSE 250 group – formed in 2016 by the merger of Just Retirement and Partnership Group – reported 2017 adjusted operating profits of £220.6mln, up from a pro-forma £163.7mln a year earlier
Investments and investor services
Britain's blue chip index closed up around seven points, or 0.10%, at 7,139..