Just Group Posts 35% Rise In Annual Adjusted Operating Earnings

15th Mar 2018 09:41

LONDON (Alliance News) - Just Group PLC, which was formed following the merger between Just Retirement Group PLC and Partnership Assurance Group PLC in 2016, on Thursday said improved margins and synergy benefits from the merger has led to a 35% jump in annual adjusted operating profit.

The company, which provides annuities to retirees, said adjusted operating profit before tax - a key profit measure for the company - rose to GBP220.6 million for 2017 from GBP163.7 million in the year ago period. Statutory pretax profit for the year grew 5% to GBP181.3 million.

The company delivered synergy benefits of GBP52 million for the year from the merger, above the company's upwardly revised synergy target of GBP45 million.

Just Group has proposed a final dividend of 2.55 pence per share, giving a total payout of 3.72p for the year, up 6%.

"Our focus is shifting back from integration to innovation, and we are investing in our business to grow in new areas and to diversify our sources of revenue. The results in 2017 reinforce our belief that we have a sustainable business model in growing markets which will deliver well into the future. The 6% increase in the dividend for the year reflects our confidence for 2018," said Chief Executive Rodney Cook.

Shares in Just Group were up 2.1% at 137.80p.

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