Results round-up

Lower copper prices took the shine off full year results at Antofagasta as earnings before interest, tax, depreciation and amortisation plunged 58% to $890.7m and the company was forced to cancel its final dividend.

Revenue was 34% lower at $3.4bn, with realised copper prices falling almost 24% during the period and sales volumes down by 9.5%.

Net earnings from continuing operations fell to $5.5m from $422.4m after lower prices and, lower taxes and minority interests. Including the profit from the water division net earnings were $608.2m.

Cash flow from operations decreased by 65.8% to $858.3m, compared with $2.5bn in 2014.

Capital expenditure fell $591.8m for the year to $1.04bn, which was $250m less than originally planned driven by savings identified to protect cash flow. Antofagasta said it had targeted a further $160m of savings in 2016, equivalent to 8% of 2015's net cash costs.

Legal & General boosted its full year dividend by a fifth to 13.4p per share in its annual results on Tuesday - and committed to more progressive increases - against market expectations.

The dividend had already doubled in size since 2010, with UBS earlier forecasting that growth in the distributions would have to slow to 6% a year between 2016 and 2019.

Net cash generation at the FTSE 100 firm was also up, by 14% to £1.26bn, with operating profit up 14% to £1.46bn. Profit after tax rose 10% to £1.09bn.

Legal & General reported adjusted earnings per share of 18.58p, up 11% on 2014.

The firm also reported its position under the Solvency II rules, where it had a surplus of £5.5bn and a coverage ratio of 169%. It also had an economic capital surplus of £7.6bn, and a coverage ratio there of 230%.

"Legal & General delivered excellent growth in cash, profits and dividends in 2015: net cash generation and operating profit were both up by 14%, EPS was up 11% and we are increasing the dividend by 19%," said group chief executive Nigel Wilson.

"Over the last 4 years we have delivered sustained growth, net cash has increased 10%, EPS has increased 11% and the dividend increased by 20% on average each year," he added.