30th Oct 2014 11:50
LONDON (Alliance News) - Personal Group Holdings PLC Thursday said a UK judgement has been handed down unequivocally in favour of two of its subsidiary companies.
The judgement follows a High Court hearing in July.
The damages to be paid to Personal Group, which provides employee benefits, employee related insurance products and financial services in the UK, are yet to be determined.
"The group is very pleased with the outcome of this case. Although a long and arduous process, the result is a vindication of the board's decision that action had to be taken to protect the group's business and customer base. We felt obliged to take this action and we are happy that justice and common sense have prevailed," Chief Executive Mark Scanlon said in a statement.
In September, Personal Group reported earnings before interest, tax, depreciation, amortisation of intangibles, share based expenses and acquisition costs of GBP4.4 million in the six months ended June 30, compared with GBP4.0 million in the corresponding period the prior year.
However, at the time it said that performance would have been stronger if it hadn't been for the "legal costs incurred whilst seeking to restrain what the group is advised are unlawful activities of a company which employs three former Personal Group employees."
Personal Group shares were untraded on Thursday. They were last traded at 492.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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