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Just Retirement merger pays off as combined group sees profits soar 

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The merger of pension experts Just Retirement and Partnership last year is continuing to prove fruitful as profits at the combined company soared during the first half. 

Just Group, which sells financial products to savers and companies for retirement, said its adjusted operating profit had jumped 39pc in the six months to June 30, compared to the prior year, helped by a boost in retirement income sales as well as lower costs. 

The company worked quickly to slash costs following the April 2016 merger, helping it hit a £40m savings target a year earlier than planned. So far this year it has reduced its capacity in London from four to two floors, moving some functions from the City to Reigate, Surrey. 

Shares in the company were broadly flat on Wednesday, with the strong set of results largely anticipated by the market following a positive mid-July trading update. 

Chief executive Rodney Cook said the group is now bracing for a boost in demand for lifetime mortgages as “increasing numbers reach retirement with greater wealth invested in housing rather than pension assets”. 

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