M&G retains lowly valuation

In its first set of results as a listed company, M&G (MNG) shrugged off a rise in pro-forma operating expenses, weaker fee-based revenues, and a jump in restructuring and one-off costs to record a post-tax profit of £1.07bn for 2019. That was up almost a third on the prior year, though the stock market reaction – as it largely has been since last year’s spin-off from Prudential – amounted to little more than a shrug.