** Specialist pension provider’s shares down 7.9% at 59.7p; Stock at bottom of FTSE midcap
** Company says will shut loss-making U.S. operations as part of a cost-cutting programme, reports 59% fall in retirement income sales in Q1
** Barclays: “The focus however is on capital efficiency, and the interim CEO reiterated the objective of achieving capital neutrality by 2022, and highlighted a renewed focus on cost control”
** “We believe these (cost-cutting) actions indicate an increasingly focused management team with a clear and viable roadmap to capital neutrality by 2022” - Brokerage Numis
** CEO Rodney Cook stepped down last month, following the departure last year of company’s CFO
** YTD stock down 34.7% (Reporting by Justin George Varghese in Bengaluru)
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