18th Feb 2016 08:26
LONDON (Alliance News) - Personal Group Holdings PLC on Thursday said trading was in line with expectations in 2015 as the business continued to perform well.
Personal, which provides employee benefits and employee-related insurance products in the UK, said it achieved growth in new sales, top-line revenue and bottom-line profit, as the Let's Connect business saw "significant growth" in sales and profit following its acquisition in 2014.
Personal added that from next month, it will no longer make its core insurance products available to Royal Mail Group employees, while cover for existing policyholders will cease by March 31, 2017.
However, Personal is in advanced stages of negotiating an additional trading relationship with Royal Mail through the Let's Connect division, the company said, for a contract lasting four years.
"Royal Mail employees are some of our longest and most loyal insurance customers going back more than 25 years and for that we are very grateful. Whilst our relationship will change and we will no longer be offering our insurance products to future RMG employees, we are delighted to be in the process of securing an additional trading relationship with RMG through PGH's Let's Connect business," Chief Executive Mark Scanlon said in a statement.
Personal Group said the change in the existing contract was due to Royal Mail consolidating its medical plan provision to its workforce from April.
Shares in Personal Group were trading down 0.8% at 573.00 pence early on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Personal GroupRMG.L