Business
Admiral Group plc Final Results 2010
Admiral Group plc Final Results 2010.
About this update from Admiral Group Plc
[{"type":"text","content":"\n \n\n\n\n\n2 March 2011\nAdmiral announces another record profit coupled with continued strong growth.\nProfit before tax at £266 million was 23% ahead of 2009, whilst turnover rose\n47% to £1.58 billion. The Board is proposing a record final dividend for 2010\nof 35.5p per share, to be paid on 10 June 2011.\n\n2010 Preliminary Results Highlights\n\n * Group profit before tax up 23% at £266 million (2009: £216 million)\n * Record final dividend of 35.5p per share, full dividend 68.1p (2009: second\n interim 29.8p, full 57.5p)\n * Group turnover* up 47% at £1.58 billion (2009: £1.08 billion)\n * Number of Group customers up 32% to 2.75 million (2009: 2.08 million)\n * Non-UK car insurance turnover up 64% to £78 million with customers up 61% to\n 195,000\n * Record return on capital of 59% (2009: 54%)\n * Employee Share Scheme - shares, in total worth over £12 million will be\n distributed to over 3,500 staff based on the 2010 result\n\n * Turnover is defined as total premiums written (including co-insurers' share)\nand other revenue\n\nComment from Alastair Lyons, Group Chairman\n\n\"With higher profits, a capital-efficient cash-generative business model, and a\nconservatively managed business, we are very pleased once again to be able to\npropose an increase in total dividends for the year of 18% to 68.1p per ordinary\nshare. This represents 94% of after-tax earnings.\"\n\nComment from Henry Engelhardt, Group Chief Executive\n\n\"For the seventh consecutive year, indeed every year since we became a public\ncompany, Admiral Group has reported record profits and record turnover. We have\nnow exceeded £1.5 billion turnover which is a fantastic achievement.\n\n\"I'm extremely proud of how hard everyone at Admiral has worked to achieve this\nresult. Does it make sense, however, to say that I am pleased, but far from\nsatisfied? In my view, 2010 was a mixed year for the Group. There were some\nbig triumphs but also some quite sobering moments and, in a lot of areas, it's\ntoo early to judge the quality of the work completed.\n\n\"The big success was the UK motor insurance business. It's a snowball going\nlike a freight train. Downhill. Wow! Throughout 2010 we experienced a flood\nof new business, with UK vehicle growth at over 30%. Everyone i...