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News24.com | Alexforbes slips after profit preview




Alexforbes shares fell almost 2% after the asset manager and fund administrator released a profit update for the year to end-March.

Headline earnings from continuing operations will increase by between 20% to 25%.

Profit from operations before non-trading and capital items is expected to increase between 7% to 12% from the R720 million reported in the previous year.

The company says it saw “sustained” revenue growth across its core businesses. But the weaker economy hit “dampened” asset-based revenue.

The group said its financial performance also benefited from a R153 million profit following the group’s individual client administration business to Sanlam Life. Previously, AlexForbes sold its short-term insurance business to Momentum.

By early afternoon, its share price was down 2% to 500c, while others in the financial sector were largely unchanged. Alexforbes’ share price is up 18% over the past year.

Click here for Alexforbes’ share price and other data.

The company previously said it plans to double its retail business over the next five years. 

Its results will be published on 12 June.

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