Shares of Admiral Group Plc (ADM.L) climbed all around 7 % in the morning trade in London following the motor insurance provider reported Wednesday a higher revenue in its fiscal yr 2013, and also announced a hike in dividend.
Group Chief Executive Officer Henry Engelhardt stated, “2013 was the year of the baked potato. It was a great, sound 12 months, anything on the plate that is appreciated but does not really grab the spotlight. This is a comfort foods set of final results.…. .We created a lot more funds than ever ahead of, we grew customer numbers a minor bit, we launched a single new overseas business (comparenow.com), but there was no growth surge, there have been no claims shocks we just went about our company.”
For the year, pre-tax revenue elevated 7 percent to 370 million lbs from 345 million pounds a 12 months ago. Earnings per share grew to 104.4 pence from last year’;s 94.9 pence.
The company’;s United kingdom Car Insurance business, which remains the principal supply of revenue, recorded a 6 percent increase in profit, while Global Car Insurance company created losses in the quarter. Value Comparison organizations in the United kingdom, Spain and France created 13 % boost in annual profit.
Group turnover declined 8 percent to 2.03 billion lbs from 2.22 billion lbs a 12 months ago. Group vehicle count was up 4 percent to 3.70 million from 3.fifty 5 million in 2012.
Insurance premium revenue dropped to one.136 billion pounds from 1.157 billion pounds last yr. Net insurance coverage premium revenue declined to 483 million pounds from 498.9 million pounds a 12 months in the past. Net revenue was 924.4 million lbs, in contrast to 984.3 million pounds final yr.
In the year, United kingdom turnover of 1.70 billion decreased 12 percent, mainly due to reductions in average premiums which led to a 11 % reduction in complete premiums writ8. The closing motor vehicle count was steady at 3.02 million.
The company noted that United kingdom Car Insurance business accounts for 84 percent of total turnover, reduced than final year’;s 87 percent in the encounter of quite strong competition. In the Uk industry, the business continued to focus on margin rather than growth and held the amount of cars insured steady at just more than 3 million, the firm explained.
Additional, the business mentioned its Directors have proposed a ultimate dividend of 50.6 pence per share, comprising 24.4 pence regular and 26.2 pence specific, to be paid on Could thirty. This brings the 2013 complete dividend to 99.5 pence per share, up 10 percent from last year.
In London, Admiral shares are presently trading at one,512 pence, up 93 pence or 6.fifty 5 %.
by RTT Workers Author
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