Results round-up

Along with preliminary results for calendar 2015, Old Mutual Group announced it will separate its four underlying businesses - Old Mutual Emerging Markets (OMEM), Nedbank, Old Mutual Wealth (OMW) and OM Asset Management (OMAM).

Apart from confirming that it will reduce its 54% stake in Johannesburg-listed Nedbank, the FTSE 100 group said it had a range of options available to complete the route to a final separation it anticipated by the end of 2018.

On total revenue down 12% to £13.7bn, the group produced a 4% rise in adjusted pre-tax operating profit of £1.7bn, although it was up 11% at constant exchange rates.

Underlying earnings per share rose 8% to 19.3p, or 15% at constant rates, with statutory basic EPS up 2.4% to 12.7p.

Directors, led by new chief executive Bruce Hemphill, said as the separation project takes place, dividend cover will be increased to a range 2.5-3.5 times, from 2.0-2.2, hence declared a flat second interim dividend of 6.25p per share and a lower than expected 2015 dividend of 8.9p.

After Hemphill's move from Standard Bank in November, a strategic review into the group's future resolved that the four underlying businesses enjoy limited tangible synergies between themselves and that it would be in the best interests of shareholders to enable the quartet to chart independent courses.

FTSE 250 pubco J D Wetherspoon saw more cash across its bars in the first half of its financial year, with revenue up 6.2% to £790.3m from £744.4m, and like-for-like sales up 2.9%.

The company's operating profit was down by 10.8% in the 26 weeks to 24 January, however, to £49.4m, with profit before tax dipping 3.9% to £36m. Underlying earnings per share were down 16.6% to 19.1p.

After exceptional items, profit before tax was down 2.2% to £36.6m. Wetherspoon maintained its interim dividend at 4p.

"As previously highlighted, the biggest danger to the pub industry is the continuing tax disparity between supermarkets and pubs," said chairman Tim Martin.

"There is a growing realisation among politicians, the media and the public that pubs are overtaxed and that a level tax playing field will create more jobs and taxes for the country," he added.

Martin said sales comparisons in the second half of the financial year would be slightly more favourable, though further wage increases were due in April.