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Admiral Group H1 Profit Rises; Names Milena Mondini De Focatis Group CEO Designate

Car insurance provider Admiral Group Plc (ADM.L) reported Wednesday that its first-half profit before tax rose 31 percent to 286.1 million pounds from last year's 218.2 million pounds. Group's share of profit before tax was 286.7 million pounds, up 30 percent.

Earnings per share rose 32 percent to 82.9 pence from 63.0 pence last year.

However, group turnover decreased 4 percent to 1.69 billion pounds from 1.76 billion pounds a year ago. Group net revenue increased 6 percent to 0.69 billion pounds from 0.65 billion pounds last year.

The company's total customers were 7.17 million, up 6 percent from 6.74 million last year.

Further, the company's board has declared an interim dividend of 70.5 pence, up 12 percent from last year. This represents a normal dividend of 55.0 pence per share and a special dividend of 15.5 pence per share. The dividend will be paid on October 2.

Separately, Admiral's board said it has appointed Milena Mondini de Focatiis, as an Executive Director (Group CEO Designate) with effect from 11 August 2020.

Milena's remuneration arrangements will be in line with Admiral's shareholder-approved remuneration policy and will be fully disclosed in the company's next annual report.

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