Admiral Group reports excellent 2024 performance with strong growth in customers, turnover and profit
Why we think this is very good
The RNS announcement contains Admiral Group's 2024 annual financial results, which show very strong performance across key metrics including a 90% increase in profit before tax, 95% increase in earnings per share, and 28% increase in turnover. These results are explicitly stated to be 'ahead of expectations', meeting the criteria for a VERY_GOOD sentiment score under the Market Sentiment Framework. There are no concerning insights or negative factors highlighted in the announcement.
Key Points
- Group profit before tax increased by 90% to £839.2 million
- Earnings per share increased by 95% to 216.6p
- Dividend per share increased by 86% to 192.0p
- Group turnover increased by 28% to £6.15 billion
- Insurance revenue increased by 37% to £4.78 billion
- Group customers increased by 14% to 11.10 million
Summary
Admiral Group plc reported an excellent set of 2024 results, with profit before tax increasing by 90% to £839.2 million and earnings per share up 95% to 216.6p. The Group saw strong growth across its business, with turnover up 28% to £6.15 billion and customer numbers increasing by 14% to 11.10 million. The UK Motor Insurance business was the main driver of performance, but the Group also delivered double-digit profit growth in UK Household, Admiral Money, and its international operations. The results were described as 'ahead of expectations' by the company.