Admiral predicts record 2008 following Q1 results

by David Masters

Story link: Admiral predicts record 2008 following Q1 results

The Admiral Group has reported its results for the first quarter, and is on track to achieve record profits for 2008.

The Wales-based motor insurer - which sells insurance through the brand names Admiral, Bell, Diamond and Elephant.co.uk - saw turnover for the first quarter of £232 million, a 14% increase compared to the same period in 2007.

Turnover at the group’s price comparison site, Confused.com, increased by 15%.

Customer numbers are also up. At the end of the first quarter, Admiral had 1.57 million customers, a 17% increase compared to a year earlier.

Analysts are predicting that Admiral will reach profits of around £194 million in 2008. This would be a record result for the company, 6.5% up on last year.

Admiral’s chief executive, Henry Engelhardt, has said that the group will continue to deliver strong results despite difficult market conditions.