In spite of the markets and in spite of the break-up stalking-horse getting a new set of shiny shoes courtesy of some interested Chinese blacksmiths, Pru shares hit 664p on Friday after showing Group operating profits up to £2.5bn, an increase of 25%. As at midday Monday the share price had rolled back to 603p.
Dividends are up 5% to 18p a share.
The Asian sector of the business was certainly keeping their end up with new business profit showing a rise of 34% to £653m; domestically UK retail new business profit managed a 17% rise off the back of a volume increase of 4% in a market that was not at all easy.
Cost savings objectives for 2007 faired well as £115m had been achieved - of a target of £195m - good news for sure but scary to think there was that much fat in the business in the first place.
In addition, it might well be considered that all the fish in that particular barrel have been
shot; only now will the real pain of cost savings be felt. Operating cash flow was a negative £82m.
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