LONDON -- Admiral
Admiral, which was established in 1993 and now enjoys 11% of the U.K. car insurance market, seems to have impressed investors with a series of promising statements.
During March, Admiral announced 2011 results that showed group turnover up 38% to 2.19 billion pounds and profits up 13% to 299 million pounds. The figures, which were Admiral's eighth consecutive set of record results, were supported by customer numbers increasing by 22% to 3.36 million.
During April, Admiral reported first-quarter group turnover had increased by 9% to 586 million pounds, which was driven by the firm's U.K. vehicle insurance count increasing 13% to 3 million and international customers increasing 83% to 350,000.
Then in August, Admiral's half-year statement revealed profits up 7% to 172 million pounds, the interim dividend up 15% to 45.1 pence per share and group turnover up 6% to 1.17 billion pounds. Helping the performance was Admiral's price comparison business, confused.com, which generated an 8 million pound profit.
Henry Engelhardt, chief executive of Admiral, summed up the half-year performance by saying:
Admiral has delivered a further increase in both turnover and profit in the first half of 2012, and a record dividend for our shareholders. In the UK, following the very significant growth in 2010 and 2011, we continue to slow our rate of growth to a more modest level, which we believe is a sensible response to the increased competition in the market.
All in all, I am pleased with our performance in the first half of 2012 and we are on track to meet our 2012 expectations.
Admiral's next trading update will be published on November 2nd and may reveal further promising news that can impress investors.
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Nicky does not own any share mentioned in this article.
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