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Old Mutual shares fall as FY guidance range disappoints
(Sharecast News) - Old Mutual shares were trading lower on Wednesday after the Africa-focused financial services firm gave a wide guidance range for its 2024 results, pointing to annual profit growth of anywhere between 4% and 24%. The company, which provides investment, savings, insurance and banking services, said adjusted headline earnings would be between ZAR6.10bn-7.27bn (£256m-308m) for 2024, up from ZAR5.86bn in 2023.
Headline earnings per share growth is expected to be somewhere between 13% and 33% higher from the previous year's ZAR165.5 cents, equating to a range of 187.0-220.1 cents.
The company said results from operations were driven by strong performances at the Old Mutual Insure, Wealth Management and Old Mutual Investments divisions, partially offset by lower life profits in Personal Finance as well as investments in OM Bank.
Meanwhile, adjusted earnings growth was helped by increased shareholder investment returns, while 2023's headline bottom line was held back by one-off hedging losses.
Old Mutual is due to release its full-year results on 18 March. However, shares were down 5.7% at 49.3p by 1415 GMT.
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