Please update your browser to view our website at its best.
The Supervisory Board has recalled Eugen Bucher with immediate effect as a member of the Executive Board at MLP AG at its meeting today. Uwe Schroeder-Wildberg, Chief Executive Officer at MLP AG, will be responsible for sales temporarily until a replacement for the position has been appointed.
The Executive Board launched targeted sales activities in July to encourage the brokerage business growth dynamics again. This encompasses a clear sales focus on old-age pension provisions. MLP will be concentrating on this area over the coming months, which is the most important provisional coverage issue for existing and potential clients following the major cuts in state pension provisions in Germany.
In the first six months of 2006 MLP increased pre-tax profit (EBT) by 84 per cent over last year to EUR 28.4 million (EUR 15.4 million). Net profit from continuing business operations has more than doubled to EUR 20.5 million (EUR 7.8 million). Total revenue climbed by twelve per cent to EUR 246.6 million (EUR 219.6 million).
In the period between April and June total revenue for the MLP Group rose by five per cent to EUR 116.8 million (EUR 111.2 million), pre-tax profit (EBT) climbed by 51 per cent to EUR 14.0 million (EUR 9.3 million). As announced several times before, brokerage business developed weaker during this period totalling EUR 91.5 million and roughly equating to the previous year’s level of EUR 91.2 million.
MLP will be publishing detailed business figures for the first six months of 2006 tomorrow on Tuesday, 8th August 2006.