18th Sep 2018 10:59
LONDON (Alliance News) - Employee services firm Personal Group Holdings PLC on Tuesday said its chief executive will be leaving in the next year, while also reporting "strong" interim trading across all businesses.
CEO Mark Scanlon will leave "on or before" September 17 next year, after six and a half years at the helm. A search has already begun for his successor.
Chairman Mark Winlow said: "After nearly seven years in the role, Mark is justifiably proud of the strong foundations that have been laid and the transformation of Personal Group from primarily a successful hospital cash plan insurer to the market defining employee services company.
"The next decade promises much for Personal Group and Mark leaves the company in strong health for the next CEO."
Turning to results, Personal Group's revenue for the six months to June increased 7.3% to GBP21.1 million, with pretax profit from continuing operations up 28% to GBP3.9 million.
The company paid 11.50 pence of already declared dividends for the half, up from 11.35p a year prior, and has already said it will pay a 5.75p third dividend for 2018.
All three segments, insurance , the salary sacrifice business, and its software-as-a service arm did well, Personal Group said.
Revenue in insurance was 6% higher year-on-year, with gross written premium rising marginally to GBP15.8 million from GBP15.0 million.
Salary sacrifice business PG Let's Connect traded "marginally ahead" year-on-year. Software-as-a-service revenue increased by more than double year-on-year in a "strong" first half.
Looking forward, the company said the good interim performance has continued into the second half, and Personal Group is confident on meeting 2018 expectations.
Shares were 1.4% higher Tuesday at a price of 545p apiece.
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