Analyst consensus for half-year ended 30 June 2025
Income Statement (£'m) | FY25 Consensus | Low | High | Median | # Analysts* |
Total net operating income | 446.5 | 443.7 | 448.8 | 447.2 | 7 |
Total underlying operating expenses | 337.8 | 332.2 | 341.4 | 338.0 | 7 |
Underlying PBT | 108.8 | 105.8 | 112.3 | 108.0 | 7 |
Underlying operating margin | 24.4% | 23.7% | 25.2% | 24.2% | 7 |
Underlying EPS (pence per share) | 74.8 | 73.5 | 77.6 | 74.3 | 5 |
Total DPS (pence per share) | 31 | 31 | 32 | 31 | 6 |
Group FUMA (£’bn) | 108.3 | 106.1 | 111.9 | 108.9 | 6 |
Total Group net inflow/outflow (£’bn) | -1.1 | -1.3 | -0.9 | -1.2 | 6 |
Analyst consensus for year ended 31 December 2025
Income Statement (£'m) | FY25 Consensus | Low | High | Median | # Analysts* |
Total net operating income | 908.7 | 902.7 | 923.8 | 906.8 | 8 |
Total underlying operating expenses | 676.4 | 670.9 | 682.5 | 676.3 | 9 |
Underlying PBT | 232.3 | 227.8 | 241.2 | 231.6 | 8 |
Underlying operating margin | 25.6% | 25.2% | 26.1% | 25.6% | 8 |
Underlying EPS (pence per share) | 159.3 | 154.9 | 161.5 | 159.7 | 8 |
Total DPS (pence per share) | 99 | 95 | 107 | 98 | 8 |
Group FUMA (£’bn) | 111.4 | 108.5 | 116.2 | 110.1 | 8 |
Total Group net inflow/outflow (£’bn) | -0.7 | -1.5 | 0.2 | -0.7 | 8 |
Analyst consensus for year ended 31 December 2026
Income Statement (£'m) | FY26 Consensus | Low | High | # Analysts* |
Total net operating income | 949.8 | 916.7 | 1007.3 | 8 |
Total underlying operating expenses | 682.6 | 659.2 | 714.7 | 8 |
Underlying PBT | 267.2 | 252.5 | 292.7 | 8 |
Underlying operating margin | 28.1% | 27.1% | 29.1% | 8 |
Underlying EPS (pence per share) | 182.3 | 170.5 | 193.6 | 8 |
Total DPS (pence per share) | 107 | 97 | 129 | 8 |
Group FUMA (£’bn) | 118.2 | 114.1 | 125.3 | 8 |
Total Group net inflow/outflow (£’bn) | 2.0 | 1.1 | 4.0 | 8 |