SOUTH AFRICA/US - Group operating profit was up 8% in rand to R11,431m, but down 15% in sterling to £724m at Old Mutual for the year ended 31 December 2002.
Operating earnings per share, at 11.3p, were 7% lower than in 2001 in sterling, but up 20% to 179 cents in rand terms. The final dividend was unchanged at 3.1 pence.
Jim Sutcliffe chief executive of Old Mutual, said: “2002 was another challenging year in world stock markets, and the strength of the diversity of our businesses has been demonstrated in these results.
“We have been focused on driving performance from our major acquisitions and realising synergies around the group. The economics of the long-term savings industry remain compelling, and we are well positioned to take advantage of opportunities as they arise.”
There was a decrease by 4% in the operating profit of the firm’s South African fund management operations to R441m from R458m in 2001.
The group’s UK and rest of world fund management businesses had operating losses of £2m, a reduction from the operating profit of £6m for 2001. Operating profit of US$142m from the Group’s US asset management business decreased by 15% from US$167m in 2001.
Sutcliffe added: “Our asset management businesses showed good relative investment performance for their clients: over 80% of our US institutional clients had returns exceeding their benchmarks for three year periods.”
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