McMillanShakespeare’s UK asset and broking businesses hit by soft market conditions

Company News

by Anna Napoli

McMillanShakespeare (ASX:MMS) has today announced its UK asset management and broking businesses have been impacted by soft market conditions and increased competition which has reduced margins.

These conditions have persisted during the second half and its UK businesses have underperformed internal expectations.

The salary packaging and novated leasing services provider says it expects to report underlying net profit after tax (UNPATA) in the range of $87 - $89 million compared to current broker consensus $92 million.

McMillan has commenced a process to undertake an off-market share buyback during the second half of this calendar year, of up to $100 million.

Shares in McMillanShakespeare (ASX:MMS) closed 0.50 per cent higher at $14.03 on Friday.