Business
Interim Results
Interim Results.
About this update from Admiral Group Plc
[{"type":"text","content":"\n RNS Number : 1257A Admiral Group PLC 30 July 2008 \n \nAdmiral Group plc Results for the 6 months ended 30 June 2008\n30 July 2008\n\nAdmiral announces another record half-year profit and continued strong growth. Profit before tax at £100.3 million was 16% ahead of H1 2007, whilst turnover rose 13% to £472.5 million. The Board is therefore declaring a record dividend payment of 26.0p per share.\n\nH1 2008 Highlights\n\n\n\n\n\n\n\nProfit before tax up 16% at £100.3 million (H1 2007: £86.3 million)\n\n\n\n\n\n\n\n\nTotal interim dividend of 26.0p per share, up 26% (H1 2007: 20.6p)\n\n\n\n\n\n\n\n\nTurnover* up 13% at £472.5 million (H1 2007: £417.8 million)\n\n\n\n\n\n\n\n\nNet revenue up 15% at £204.1 million (H1 2007: £178.1 million)\n\n\n\n\n\n\n\n\nProfit from ancillary products and services up 21% at £45.5 million (H1 2007: £37.7 million). UK Ancillary income per vehicle up to £71 (H1 2007: £68)\n\n\n\n\n\n\n\n\nNumber of customers up 16% to 1.63 million from 1.40 million at 30 June 2007. In the UK, customer numbers up 12% to 1.56 million from 1.39 million\n\n\n\n\n\n\n\n\nConfused.com revenue up at £36.6 million (H1 2007: £34.3 million), profits reduced to £15.6 million from £19.7 million\n\n\n\n\n\n\n\n\nTurnover from outside the UK £15 million and 70,000 customers\n\n\n\n\n\n\n\n\nAttractive new reinsurance contracts signed for 2009 - 2011\n\n\n\n\n\n\n\n\nEmployee Share Scheme - over £3m of shares will be distributed to over 2,300 staff based on the H1 2008 result\n\n\n\n\n\n\n* Turnover is defined as total premiums written (including co-insurers' share), other revenue and net investment return. It is reconciled in the interim management report below.\n\nComment from Henry Engelhardt, Group Chief Executive\n\n'When people in an organisation work together like people do at Admiral it makes my job very easy. I'm really proud of the results we've achieved in the first half of 2008. We set an all-time record for profits, the business grew in excess of 10%, and we will be paying a record dividend. \n\n'The growth in our UK business of 12% from the end of June last year (up 8% from January 1!) is down to competitive prices coupled with great service. Ours is very much a people business: people communicating with people and the team at Admiral try to treat every customer as someo...