Admiral Profits Solid not Flashy

Admiral Insurance have released its financial statement from last year and it has shown profits that are “solid not flashy”.

Admiral is the second biggest car insurer in the UK and is based in Cardiff. The annual profits jumped over 2013. Pre-tax profits stood in December 2013 at £370million compared to a year earlier when it was £345million. This is a jump of 7%, good news for the share holders.

However, total group turnover was down by 8%, at £2.03billion, compared to the £2.22billion of the year before.

Henry Engelhardt described 2013 as “the year of the baked potato”. Satisfying, but not really grabbing the spotlight. He further described the results are “solid, but not flashy. We made more money than ever before, we grew customer numbers a little bit, we launched one new overseas business but there was no growth surge, there were no claims shocks. We just went about our business.”

Just going about their business resulted in being able to pay out 10% more in terms of share dividend than the year before. The total paid out to share holders over 2013 was 99.5p per share.

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