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Bonus for Admiral staff

Staff at motor insurer Admiral pocketed another £1,500 share bonus today after half year revenues sped through the £1bn mark.

Staff at motor insurer Admiral pocketed another £1,500 share bonus today after half year revenues sped through the £1bn mark.

The firm, which owns Diamond, elephant.co.uk and Confused.com, grew turnover by 53% to £1.1bn in the six months to June 30 after insuring 3.15 million vehicles in the period, up 33%. Premiums rose around 11%.

However, chief executive Henry Engelhardt said that the company was not immune to the rising level of no-win no-fee injury claims as higher payouts clipped profits growth to 27% at £160.6m.

Comparison website Confused.com also continues to battle again tough competition. The cost of a relaunched advertising campaign to take on rival Go Compare’s opera singer and Compare the Market’s talking meerkats, meant Confused’s profits fell 7% to £8.2m despite 10% higher revenues.

Mr Engelhardt added: "All in all we’re pleased with the numbers for the first half of 2011. As a result, every member of staff will receive £1,500 of free shares in the group, worth over £8m in total."

 

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