Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Page Group
Half year numbers have been published by recruitment specialists Page Group LON:PAGE this morning. Operating profits are up 11.4% as productivity increased and the number of fee earning staff fell slightly. Shareholders are being rewarded not only with an increased interim dividend, but also a special dividend, too. That reduction in fee earning staff may be seen as a red flag by some as it reflects the worsening global macroeconomic outlook, although the company is continuing to grow teams where the underlying market can support this.
Standard Life Aberdeen
The half year update from Standard Life Aberdeen [LON:SLA] has been published today, showing the company making good progress in terms of reshaping its business. Clearly a strong underlying market will have helped with the numbers but the company reports assets under administration up 5%, net outflows down and 65% of its asset managers performing above the benchmark, up from 50% for the whole of last year. This is a lengthy report, split over four separate statements, but the company appears convinced that the outlook is sustainable.
Legal & General
H1 numbers from Legal & General LON:LGEN are also out this morning, showing operating profits up 11% and a 7% increase in the interim dividend. The company remains committed to its mission over inclusive capitalism and having de-risked its UK holdings, especially with regard to sub-investment grade debt, believes that it is well placed to ride out Brexit uncertainty as the story unfolds. Again, this is a lengthy three part report and we’re only able to look at the very top line of numbers here.
