Motor insurance provider Admiral Group Plc (ADM.L) Wednesday reported a higher profit for full year 2012, on double-digit growth in revenues.
For the year, the company posted profit before tax of 344.6 million pounds, up from 299.1 million pounds in the prior year. On a per share basis, earnings increased to 94.9 pence from 81.7 pence per share reported last year.
UK Car Insurance delivered a profit of 372.8 million pounds, up 19 percent from last year. International car insurance turnover climbed 33 percent to 163 million pounds.
Net revenues for the year rose 13 percent to 984.3 million pounds from 870.3 million pounds in the preceding year. Net insurance premium revenues were 498.9 million pounds, up from 445.8 million pounds a year earlier.
Revenues from the Group's UK price comparison business Confused.com, increased 7 percent from a year earlier.
Henry Engelhardt, chief executive officer stated, "2012 was Admiral's 20th and most successful year to date...Alongside our financial achievements we were proud to be named the best large UK workplace by the Great Place to Work Institute and also recently named the UK's 11th Best Company to Work For by the Sunday Times."
The board has proposed a final dividend of 45.5 pence per share, comprising 21.4 pence normal and 24.1 pence special dividend, to share holders of record on May 3, 2013, payable on May 24. This will bring the 2012 total dividend to 90.6 pence per share, up 20 percent from last year.
ADM.L is currently trading at 1,316.1 pence, up 49.1 pence or 3.88 percent.
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