Phoenix Group remains on track

22nd Aug 2013 07:26

Closed life and pension fund consolidator Phoenix Group said strong cash generation continued in the first half as it confirmed that it remains on track to reach its full year targets.The UK based firm said it generated £416m cash generation in the six months ended June 30th versus £119m the same time a year before. Phoenix said it is on track to achieve its full year 2013 cash generation target of £650m - £750m.Operating profit fell to £186m in the six months compared to £217m for the same period a year earlier. Total group assets under management slipped to £67.1bn from £68.6bn the year earlier. An interim dividend of 26.7p per share has been recommended, up 27% from last year.Chief Executive Clive Bannister said: "The underlying strength of the business model and stable and predictable cash generation has enabled us to declare a 2013 interim dividend of 26.7p per share."He added: "The first half of 2013 was transformational for Phoenix Group, with the capital raising and debt re-terming providing greater financial flexibility and putting in place a longer-term capital structure which has strengthened the Group financially and strategically. We are now able to consider opportunities for growing the business."CJ