Business
Trading update and Customer Changes
Trading update and Customer Changes.
About this update from Personal Group Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3849P Personal Group Holdings PLC 18 February 2016 \n\n\n\n\n\nPress Release \n\n\n18 February 2016\n\n\n\n\n \n \nPersonal Group Holdings PLC\n \n(\"the Company\", \"Personal Group\" or \"PGH\")\n \n \nTrading update and Customer Changes\n \n \nGeneral Trading update\n \nThe business continues to perform well with growth in new sales, top line revenue and bottom line profit. In addition, Let's Connect, a leader in the home technology salary sacrifice market which operates alongside and complements the Company's core insurance business, has seen significant growth in sales and profit in 2015 following its acquisition in 2014. \n \nOverall the Group performance in 2015 was in line with expectations. \n \nCustomer Changes\n \nThe Company also announces that they have been informed by Royal Mail Group (\"RMG\") that it intends to change its customer relationship with Personal Group. RMG is consolidating its medical plan provision to its workforce from April 2016 and this change will affect the Company.\n \nFrom March 2016, the Company will no longer make its core insurance products available to RMG employees. Continuity of cover for existing policyholders will be ensured with RMG continuing to collect PGH policyholders' premiums as normal through payroll deduction. This will cease by the 31 March 2017. Through this period, Personal Group will work with RMG to effect an orderly transfer of premium collection from payroll to direct debit collection for policyholders that choose to continue with their cover.\n \nAt the same time, the Company announces that it is in advanced stages of negotiating an additional trading relationship with RMG through its Let's Connect Technology Salary Exchange division. Following a successful competitive tender process, this contract will offer eligible RMG employees PGH's Salary Exchange Technology programme. T...