10th successive record year for BUPA as CEO retires

BUPA has reported record results for the tenth year running, with an underlying pre-tax surplus of £428.9 million, representing a rise of 19% on year.

BUPA’s chief executive, Val Gooding, who announced her retirement just before the results were released, said that the 2007 performance was a reflection of rising sales and sustained re-investment policies. BUPA saw good returns in both their international insurance business and their UK-based Care Homes. UK insurance also performed well.

Gooding said of the results: “2007 was an exceptional year in which we returned record profits and re-positioned our business for the future. We achieved strong organic growth and excellent customer satisfaction and service across the group despite a year of major corporate change.

“In 2008 we expect our main businesses to continue to grow well and the medium to long term prospects for the group are strong. We expect, however, that near term dilution from our acquisitions, the exit from Ireland and non recurring gains in 2007, will result in a somewhat lower underlying surplus for the current year.”

At BUPA’s AGM later this year Gooding is to be succeeded by Ray King, the finance director at BUPA. Under Gooding’s leadership, BUPA’s turnover has more than doubled, from £2 billion to £4.24 billion. Customer numbers have also doubled, from four million to eight million. 35% of BUPA’s revenue now comes from its overseas operations.

Lord Leitch, BUPA’s Chairman said of Gooding’s leadership: “Val Gooding has transformed the business in her time as CEO. Under her leadership BUPA has grown its home market and its diversification strategy has driven significant expansion of health and care services in Spain, Australia, New Zealand, Saudi Arabia and the US. She will leave the group in excellent health.”

Category: Companies News, Financials