Thursday 12 August 2021 4:18 pm

Just retirement income sales climb to £900m but fail to rally investor confidence

Financial services group Just has seen its retirement income sales climb to £909m in the past six months, swelling 22 per cent in comparison with the first half of last year.

The group posted an adjusted operating profit of £90m in the six months to 30 June, 47 per cent more than in the same period in 2020.

However, after opening higher this morning, the group’s shares sank over six per cent in its afternoon trading, down to 99.5p per share.

The group’s stock market performance today suggests that its financial update failed to spark confidence in its investors.

But CEO David Richardson said: “New business premiums, operating profits and underlying capital generation have improved significantly on the previous year.”

The financial services boss explained that the “fundamental drivers” in its core markets are strong, which has buoyed the group’s outlook for the rest of the year.

“We are confident in our outlook as we deliver sustainable and profitable growth across the group,” he said, adding that Just has set a target of being carbon neutral by 2025.

The group’s investments are also set to be carbon neutral by 2050, it said in a statement, as environment, social and governance factors edge higher on both the consumer and investor agenda.