Scope for Skepticism on Insignia's Cost Saving Benefits -- Market Talk

Dow Jones2023-07-28

2245 GMT -- Insignia's MLC integration may be more complex and costly than it originally envisaged, says Citi analyst Nigel Pittaway in a note. But, he adds the additional cost savings are significant, and if they all flow through to earnings, the impact will be meaningful. Even so, Citi says "we believe there is scope for healthy skepticism as to whether all of these will benefit the bottom line and the extra one-off costs required to achieve them." The investment bank notes that Insignia suggests it can deliver around A$110 million more gross cost saves over and above the level previously expected by the market and Citi, adding that one-off costs could potentially see a statutory loss for the financial services company in FY 2024. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

July 27, 2023 18:45 ET (22:45 GMT)

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Even so, Citi says \"we believe there is scope for healthy skepticism as to whether all of these will benefit the bottom line and the extra one-off costs required to achieve them.\" The investment bank notes that Insignia suggests it can deliver around A$110 million more gross cost saves over and above the level previously expected by the market and Citi, adding that one-off costs could potentially see a statutory loss for the financial services company in FY 2024. 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