Old Mutual Plc. (OML.L, ODMTY.PK) reported that its fiscal 2012 Profit before tax rose to 1.40 billion pounds from 994 million pounds in the prior year.
Profit attributable to equity holders of the parent was 1.173 billion pounds, up from 667 million pounds in the previous year. Earnings per ordinary share was 23.1 pence, compared to 11.7 pence last year.
Adjusted operating profit before tax increased to 1.614 billion pounds from 1.515 billion pounds in the comparable year. Adjusted operating profit after tax attributable to ordinary equity holders of the parent was 842 million pounds, down from 855 million pounds in the prior year. Adjusted operating earnings per share was 17.5 pence, compared to 18.0 pence last year.
Total revenues for the year jumped to 19.79 billion pounds from 9.78 billion pounds last year. Investment return, non-banking, was 9.524 billion pounds compared negative Investment return of 567 million pounds last year.
The company board recommended a final dividend for the year ended 31 December 2012 of 5.25 pence per share, which will be paid, subject to being approved by shareholders at the Company's 2013 Annual General Meeting, on 31 May 2013.
From 2013 onwards, the Board intends to pursue a progressive dividend policy consistent with its strategy, having regard to overall capital requirements, liquidity and profitability, and targeting a dividend cover of at least 2.25 times IFRS AOP earnings in future. Interim dividends will continue to be set at about 30% of the prior year's full ordinary dividend, the company said.
Despite a more promising start to many financial markets in 2013 there appears to be downside risk in most developed and many emerging market economies and forward visibility is limited, the company said. South Africa's GDP is forecast to grow by 2.6% in 2013.
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