Admiral share price: Group releases full-year results

on Mar 5, 2015
Updated: Oct 21, 2019

Admiral Group Plc (LON:ADM) today released its preliminary full-year results for the year ended 31 December, 2014.

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**Highlights from the company’s statement include:**
Decline of four percent in group pre-tax profit from £371 million in 2013 to £357 million in 2014. Earnings per share fell two percent from 104.6p to 103.0p. UK Car Insurance profit increased by 1% to £398.0 million. International Car Insurance losses totalled £19.9 millio. Admiral Group’s share of Price Comparison profit totalled £3.6 million from £21.1 million in 2013: profit £21.1 million reflecting the investment in Other Group Items, including employee share schemes and net debt financing charges, amounted to a cost of £24.6 million.

Group turnover of £1,971.0 million decreased by 3% compared to 2013 (£2,030.2 million). This was mainly due to reductions in average premiums in the UK Car Insurance business. During 2014, the Group increased its customer base to 4.05 million from 3.70 million at 31 December 2013, year-on-year growth of just under 355,000 (10%).
Earnings per share decreased by 2% to 103.0 pence (2013: 104.6 pence). The decrease is lower than the 5% decrease in pre-tax profit due to the lower effective rate of corporation tax in 2014.

Total dividends paid and proposed for the financial year amount to 98.4 pence per share (£271 million), a decrease of 1% on the previous year (2013: 99.5 pence; £271 million). This is equal to 95% of post-tax profits. The final dividend proposed is 49.0 pence per share (3% lower than the final 2013 dividend of 50.6 pence).
Group chief executive Henry Engelhardt e commented as part of the release: “Admiral Group’s 2014 was the year of the Baked Alaska – hot and cold in a single bite. The hot? Profits emerging from our international insurance businesses, in ConTe in Italy, and record profits at Rastreator and LeLynx, our price comparison businesses in Spain and France, respectively. The cold? For the first time since we went public, Admiral Group did not post a record profit, but we still made a lot of money, had an enviable 52% return on equity and distributed 95% of our after-tax profits to our shareholders.” **More to follow…**
As of 07:31 GMT, Thursday, 05 March, Admiral Group plc share price is 1,459.00p.


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