Finance costs tip Phoenix into the red

Phoenix Group, the insurance consolidation company which has attracted the interest of private equity, reckons it is doing just fine as an independent company after a year of 'considerable progress' in 2011, though the group's finance costs remain a concern.

Phoenix Group, the insurance consolidation company which has attracted the interest of private equity, reckons it is doing just fine as an independent company after a year of 'considerable progress' in 2011, though the group's finance costs remain a concern.

Net income in 2011 declined to £6,490m from £7,543m in 2010, while profit before finance costs and tax dipped to £247m from £280m the year before. Those finance costs are not inconsiderable, however, clocking in at £251m in 2011 and £269m in 2010.

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