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London stake sale boosts Alexander Forbes' profit

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Andrew Darfoor, CEO of Alexander Forbes. (Picture Supplied).
Andrew Darfoor, CEO of Alexander Forbes. (Picture Supplied).

Johannesburg – The sale of Alexander Forbes Group’s 60% stake in UK-based Lane Clark & Peacock (LCP) boosted the company's bottom line by 80% for the year.

According to the group’s annual financial results for the year ended March 31, 2017, bottom line came to R1.6bn. This is up from the previous year’s profit of R874m. The “extraordinary profit” from the LCP sale helped bolster margins, the group explained.

Excluding the sale and other headline adjustments, Alexander Forbes would have seen an 8% decline in headline earnings to R683m. Headline earnings per share decreased 8% to 53.4 cents per share. This decrease would be as a result of reduced earnings from the exclusion of the LCP operations.

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