Just Group confident on full-year performance
Just Group said it was increasingly confident about achieving full-year expectations after margins improved in the third quarter.
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The company, which sells financial products to individuals and companies for retirement, reported lower sales year-on-year in the three months to the end of September. But it said this reflected its pricing discipline and focus on profit.
New business sales fell to £656m in the third quarter from £795m a year earlier, the company said in a trading update. Just Group sells lifetime mortgages, guaranteed retirement income plans and other products aimed at ageing populations.
Just Group, formed from the merger of Just Retirement and Partnership last year, said cost savings from the deal had ouststripped its £45m target.
In September the company posted a 39% rise in first-half adjusted operating profit to £67m.
The company did not give figures for full-year expectations, third-quarter margins or profit in its trading update
Rodney Cook, Just Group's chief executive, said: "Our focus on margin rather than volume continues to deliver profit growth. This disciplined pricing approach and further progress in achieving cost synergies mean margins and internal rates of return continue to improve. Our successful focus on sustainable growth in attractive markets gives us increasing confidence of delivering on full year expectations."