Admiral insurance reports record annual profits of nearly £300 million

Admiral insurance has announced record annual pre tax profits of nearly £300 million- an increase of 13% for the year.Admiral insurance reports record annual profits of nearly £300 millionThe Cardiff based company said its turnover rose by 38% to £2.19 billion, while the number of customers was also up by 22% to 3.36 million.

It is the eighth consecutive year that Admiral has reported record profits and turnover.

Markets reacted positively to the news, with Admiral’s share price increasing by 10% on the announcement.

Admiral, which also has offices in Swansea and Newport, owns brands such as Confused.com, Elephant.co.uk and Diamond.

The firm insures one in 10 cars on the UK’s roads.

Henry Engelhardt, the group’s chief executive, said: “Profits are up 13%, and in most situations you’d call this a giant winner. But this is less than most people thought they would be.”

“We have now exceeded £2.1 billion turnover, within 19 years of a standing start, which is a fantastic achievement,” Mr Engelhardt said.

Group chairman Alastair Lyons said the the firm was pleased to report a profit before tax of £299m, and to propose an increase in total dividends for the year of 11% to 75.6p per ordinary share.

Its staff, which number nearly 5,500, will receive free shares worth £3,000 as part of a company scheme.

May 17, 2012  Tags: , , , ,   Posted in: Business Growth, Business Profits, Business Sales, Business Win, Growing Business, Growing Sales, Uncategorized

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