21st Apr 2020 12:42
(Alliance News) - Personal Group Holdings PLC on Tuesday said its earnings grew in 2019 despite challenges.
The employee services provider reported revenue of GBP70.9 million in 2019, up 28% from GBP55.3 million a year ago, taking pretax profit 3% higher to GBP10.5 million from GBP10.2 million.
Personal Group said it saw strong revenue growth from Software-as-a-Service and PG Let's Connect, whilst the insurance business was hindered by a slowdown of new client business wins resulting in fewer new policies written.
The company paid a total dividend of 23.3 pence per share over the year compared to 23.0p paid a year ago, representing a 1.3% increase.
"2019 saw a strong performance across the group amidst a challenging market backdrop, with adjusted earnings before interest, tax, depreciation and amortization of GBP11.0 million - ahead of market expectations, reflecting the strength of the underlying business," said Chief Executive Deborah Frost.
"The effect of Covid-19 is likely to have short as well as long term implications for the group - we anticipate our insurance claims ratios could increase this year," added Frost.
AIM-listed Personal Group shares were trading 1.0% lower in London on Tuesday at 268.30p each.
By Evelina Grecenko; [email protected]
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