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Post by Doom on Mar 25, 2009 8:19:01 GMT
As expected...
"Legal & General made a pretax loss of 1.49 billion pounds versus an 883 million pound profit a year earlier, however, once 1.2 billion pounds worth of credit default provisions were included.
The company said in a statement it would recommend a full-year dividend of 2.05 pence, well below the 5.5 pence average of 18 analyst forecasts on Reuters Estimates."
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Post by Whodunnit on Mar 25, 2009 20:08:44 GMT
Earlier this year L&G announce they would be making between 250 and 450 positions redundant. It would appear that this figure too was a little on the light side. The link details more of the dividend cut but also that approx. 10% of staff positions would have to go, make about 650. online.wsj.com/article/BT-CO-20090325-703757.htmlAccording to the report, many of those would be from central services such as finance, life and pensions....not exactly the same divisions as previously detailed!! |
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Post by miceracs on Mar 27, 2009 20:18:31 GMT
so, how do you read the full artical without subscribing?
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Post by Guest on Mar 27, 2009 22:40:51 GMT
The full year dividend recommendation is a very respectable 4.06p per share, down admittedly, from last years 5.97p because of these exceptional economic conditions. The EEV and IFRS basis accounts appear to show a loss of £1.38 / 1.49 bn that reflects the currently depressed value of L&G's portfolio but once things get back to normal ( if ever! ), the asset values will likely rise to something close to their pre-crash value - In other words, with prudent management, L&G will weather the storm and the 'losses' might never be realized!  www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2680172 |
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