Company reports: Old Mutual down, TUI up, Pagegroup mixed

Company reports: Old Mutual down, TUI up, Pagegroup mixed

Old Mutual shares fall 

Troubled financial services provider Old Mutual reported a nine percent fall in first-half operating profit this morning, ahead of its possible business break-up.

First half operating profit fell to £709 million, coming in below analysts’ expectations. The firm cited “an uncertain environment” as a reason for the results, which they said “may lead to further challenges.”

The company is currently in the process of splitting into four separate companies; however, this may well be delayed by the current investigation into Old Mutual by the Financial Conduct Authority over the treatment of its insurance customers.

Shares slipped nearly 6 percent this morning, falling to 212.30 (1056GMT).

Strong demand keeps TUI on track 

TUI Group has seen demand remain high despite the effect of Brexit on sterling, staying on track to meet its profit target.

TUI has confirmed that it will deliver underlying profit growth of around 10 percent for the year ending September 30th, thanks to strong demand for Spanish and long-haul holidays.

“There’s been a very strong performance from the UK, bookings have risen very strongly,” said CEO Fritz Joussen.

TUI AG has seen shares rise 3.54 percent to 1,047.00 (1101GMT).

Page Group share sink despite strong profits

Recruitment agency Page Group saw shares drop this morning despite reporting a 6.5 percent rise in first half gross profit.

Page Group reported a £299.2 million gross profit for the first half of the year, with pretax profit also rising by 16 percent. However, the company took the opportunity to warn on the longer-term effects of the Brexit vote, saying that the future was uncertain.

Shares in the company shot up at market open but have now sunk 1.37 percent to 345.60 (1106GMT).

11/08/2016