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Admiral Success Means Windfall for Each Employee

Sep 3, 2007

Staff at Cardiff-based insurer Admiral are to be handed pounds 3m worth of free shares thanks to bumper profits unveiled today. The 2,000 employees at the firm's Greyfriars headquarters will receive an average of pounds 1,500 in shares each. In its figures for the first half of 2007, profits at the 14-year-old city success story rocketed by more than a quarter.

Before tax, the company made pounds 86.3m, up 26 per cent on 2006, on a turnover up 16 per cent to pounds 417.8m.

Chief executive Henry Engelhardt said: "The UK car insurance market continues to prove challenging and we are delighted to have once again increased profits while substantially growing the number of vehicles insured."

The company is also distributing a special dividend of 10.3p to shareholders.

Chairman Alastair Lyons said: "We are especially delighted every member of staff who has been with us in the first six months of the year will get free shares in the group."

(c) 2007 South Wales Echo. Provided by ProQuest Information and Learning. All rights Reserved.

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