Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned that it may struggle to meet the targets it set in October last year.Six months ago, the company announced a "demanding" 2008 target of £180-£200 million in new business profits, a goal it may not meet."Although we remain committed to achieving this target, the product mix and, in particular, the level of protection sales, which has been subdued in recent months, will be critical," said Philip Moore, the group chief executive."It is early days, and we are making progress towards our goal, but the prospects for a more challenging protection market, and the impact on our 2008 target, will not be fully understood until later in 2007."The announcement of last year's profit slide caused the firm's shares to dip by seven per cent on Tuesday morning.
London stock exchange feeling the competition
The London stock exchange has today announced pre-tax profits for the six months to the end of September. The figures have come in at £79.4 million with a significant £13.6 million hit taken with regards to exceptional costs relating primarily to job cuts. However, there was also a 9% fall in revenue to £310.9 million and the company has admitted it is feeling the pinch as competition increases...Read More
Can you control your own budget?
In these very difficult economic times it is vital that we all learn to control our budgets better and cut out waste where possible. While 90% of the UK public may believe they have control of their budgets if we are totally honest the vast majority of us waste money on a regular basis, money which can prove vital in these difficult times.
However, in no way shape or form should lux...
Could capital gains tax changes reduce the number of landlords?
As the UK government looks to introduce income generating changes to the UK taxation system many believe they may have overstepped the mark regarding capital gains tax. There is growing concern that the number of landlords in the UK could reduce after the UK government announced a significant increase in taxation for those investing in this particular arena. So could this actually reduce the numbe...Read More
BP has a scapegoat ready and waiting
It is believed that BP chief executive Tony Hayward is on the verge of leaving the group amid signs that BP is looking for a scapegoat for the disastrous oil spill in the Gulf of Mexico. It is almost inevitable that the company will look to draw a line under this situation as soon as possible and Tony Hayward is most definitely in the frame to take the lion's share of the blame as he readies himse...Read More
Will the government's mortgage relief plan avoid or just delay repossessions?
With news that the Council of Mortgage Lenders in the UK fully expects repossessions to hit 75,000 in 2009 alone there is speculation that the government's much heralded mortgage relief plan will have very little impact on the market. Despite being announced a couple of weeks ago we are yet to see the fine print of the mortgage relief package and confidence in government's ability to reduce the nu...Read More