Retirement financial services provider Just Group (LON: JUST) is the best performer on the FTSE 250 index today following a raising of guidance alongside its interim figures. The share price jumped 17.4% to 137.8p. Royal Bank of Canada has raised its price target from 165p to 175p.
In the first half of 2024, sales grew 30% to £2.5bn. Underlying pre-tax profit rose from £246m to £267m. The interim dividend was raised by one-fifth to 0.7p/share. Tangible net asset value is 16p higher at 240p/share.
Chief executive David Richardson says Just Group will “substantially exceed” previous guidance of doubling the 2021 operating profit of £211m in 2024. Prior to the results, the consensus operating profit figure for 2024 was £464m and pre-tax profit was £484.9m.
The balance sheet is strong with a capital coverage ratio of 196%. Annualised return on equity is 15.6%.
Just Group sells guaranteed income for life, defined benefit de-risking and flexible pension plans. Clients include individuals and companies.