Business
Final Results
Final Results.
About this update from Admiral Group Plc
[{"type":"text","content":"\n RNS Number : 1557O Admiral Group PLC 03 March 2009 \n \nAdmiral Group plc Results for the Year Ended 31 December 2008\n3 March 2009\n\nAdmiral Reports Record Profits & Strong Growth\n\nAdmiral Group plc today announces a strong annual result with a profit before tax of £202.5 million for the year to December 2008, an increase of 11% over the previous year. Turnover, comprising total premiums written and other revenue rose 13% to £910 million.\n\n2008 Highlights\n\n\n\n\n\n\n\nProfit before tax up 11% at £202.5 million (2007: £182.1 million)\n\n\n\n\n\n\n\n\nFinal dividend of 26.5p per share, making total dividend of 52.5p for 2008 (2007: 43.8p)\n\n\n\n\n\n\n\n\nTurnover* up 13% at £910 million (2007: £808 million)\n\n\n\n\n\n\n\n\nNet revenue up 16% at £423 million (2007: £364 million)\n\n\n\n\n\n\n\n\nNumber of customers up 17% to 1.75 million from 1.49 million at 31 December 2007. In UK car insurance, customer numbers increased 15% to 1.59 million (from 1.38 million)\n\n\n\n\n\n\n\n\nUK car insurance profits up 27% to £179.9 million from £142.2 million\n\n\n\n\n\n\n\n\nConfused.com profits at £25.6 million (2007: £36.7 million)\n\n\n\n\n\n\n\n\nConTe.it successfully launched in Italy in May 2008\n\n\n\n\n\n\n\n\nTurnover from outside the UK £29.7 million (up 80%) and 73,700 customers\n\n\n\n\n\n\n\n\nEmployee Share Scheme - over £4.5 million of shares will be distributed to over 3,000 staff based on the H2 2008 result\n\n\n\n\n\n\n* Turnover is defined as total premiums written (including co-insurers' share) and other revenue\n\nComment from Henry Engelhardt, Group Chief Executive\n\n'This is a good news story. For the fifth year out of five since becoming a listed company Admiral delivered record profits and the 2008 dividend will be the biggest in our history. In addition, Admiral is still hiring new staff in all its operations.\n\n'Key to our success was the great result turned in by the UK business. We increased the number of customers by 15% by giving a combination of competitive prices and great service. Our combined ratio in the UK fell from 83% to 81% while premium income grew by 12% to £690 milli...