26th Mar 2015 09:20
LONDON (Alliance News) - Personal Group Holdings PLC Thursday said pretax profit multiplied in 2014 on strong revenue growth driven by its acquisition of employee benefits business Lets Connect in March of that year.
The employee benefits, insurance and financial services company said it made a GBP9.2 million pretax profit in 2014, compared with a GBP3.7 million pretax profit in the prior year. Revenue increased to GBP47.0 million from GBP28.4 million, bolstered by an increase in insurance premium written and the Lets Connect deal, while expenses grew to GBP38.0 million from GBP24.8 million.
The group increased its dividend for the year to 19.6 pence from 18.6 pence in the prior year.
"We are now well positioned for our next level of growth, and I look forward to the years ahead as we continue this upward progression," Chief Executive Mark Scanlon said in a statement.
The CEO described Personal Group's core employee benefits and insurance operations as the "bedrock" of the business, with existing and potential customers showing "strong" demand for the products.
"The group has been reviewing a number of opportunities for further expanding our product range within our employee benefits programmes, and this work will continue in 2015. In short, the strength of our core activities together with the opportunities to complement and expand our employee benefits offering, both through Lets Connect and potentially through other means, make Personal Group a compelling business proposition," Scanlon said.
Personal Group shares were untraded on Thursday morning. The stock closed at 554.55 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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