18th Dec 2006 08:00
FBD Holdings PLC18 December 2006 Validation No. 588697 PUBLIC ANNOUNCEMENT FBD HOLDINGS PLC ("FBD" or "the Group") PRE-CLOSE TRADING STATEMENT DECEMBER 2006 OPERATING PROFIT FBD Holdings plc has continued to trade strongly in the second half of the yearand is on course to deliver a full year operating earnings performance somewhatahead of the market's expectation*. The Group is confident that the policy growth target in our core underwritingbusiness and its associated premium income level will be achieved. Claims andother costs continue to run at anticipated levels and the Group is on course todeliver an underwriting result in line with expectations. Regarding income from other activities, our Property/Leisure and FinancialServices Businesses are performing to expectations. The strong performance inequity markets in the year to date has contributed to returns in our CapitalFund which are ahead of expectations. PROFIT BEFORE TAXATION Profit before tax will benefit substantially from the sale of land at La Calathat occurred in February 2006. The Tranche I element of the sale was recognisedat half year. As previously announced, the profit on the Tranche II land will berecognised when the sales proceeds are received; this is contingent on receiptof final planning approval from the Spanish Regional Planning Authority. In thisregard, our latest information indicates that this will not be received beforethe fourth quarter of 2007 due to delays occurring in the approvals process atRegional Government level. The year to date performance in equity markets referred to above has impactedpositively on our short term fluctuations in investment returns and consequentlyon pre-tax profit. PRELIMINARY RESULTS The Group's preliminary results are scheduled to be announced on 7th March 2007. *An FBD survey of the forecasts of analysts who cover the Group indicates amean market expectation for 2006 operating earnings per share to be 348 centsper share. Ends 18th December 2006 For Reference: Telephone No FBD Philip Fitzsimons, Chief Executive 00 - 353 - 1 - 4093208 Andrew Langford, Finance Director 00 - 353 - 1 - 4093208 Murray Consultants Joe Murray 00 - 353 - 1 - 4980300 This announcement has been issued through the Companies Announcement Service of The Irish Stock Exchange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FBH.L