Phoenix Group Holdings PLC

Latest Results (24.12.2024):

Operating Cash Generation

Phoenix Group Holdings PLC reported a significant increase in Operating Cash Generation for the first half of 2024, reaching £647 million. This marks a 19% growth compared to the £543 million generated in the first half of 2023. The increase was driven by surplus emerging from the company's growing business and strong recurring management actions.

Total Cash Generation

For the first half of 2024, Phoenix Group Holdings PLC achieved total cash generation of £950 million, up from £898 million in the same period of the previous year. This performance positions the company to meet the upper end of its cash generation target range of £1.4-1.5 billion for the year 2024.

IFRS Adjusted Operating Profit

Phoenix Group Holdings PLC's IFRS adjusted operating profit rose by 15% to £360 million in the first half of 2024, compared to £313 million in the first half of 2023. This growth was attributed to profitable expansion in both the Pensions and Savings and Retirement Solutions businesses.

IFRS Loss After Tax

Despite the growth in operating profit, Phoenix Group Holdings PLC reported an IFRS loss after tax of £646 million for the first half of 2024. This loss was primarily due to adverse economic variances and elevated non-operating expenses related to the company's investment program and pension scheme buy-out.

Interim Dividend

The Board of Phoenix Group Holdings PLC declared an interim dividend of 26.65p per share for the first half of 2024, representing a 2.5% increase from the 26.0p per share dividend declared in the first half of 2023. This decision reflects the company's commitment to delivering a progressive and sustainable dividend to its shareholders.