FWD: From IR last week6 Feb 2018 08:52
Thank you for your email.
In 2014, the year we floated on the stock exchange the company reported profit of c. �165m. This year the City is predicting that we will grow profit to c. �190m. This will be a record high level of profit for the company. Cash generation is very strong, and we have paid down a significant proportion of the debt we inherited at IPO.
The Group�s dividend has grown strongly throughout the past few years and again, we hope to pay a record high level of dividend to our shareholders this year.
We recently announced that in 2018 our profit will be c. 5% lower than in the current year, in part because we want to invest in growing the customer base. The City had expected a 5% increase in profit, and the difference has clearly disappointed our shareholders. This investment is intended to return our insurance and travel customer numbers to growth. We believe this is essential for the future of the business, it will support the dividends we pay in the future and, ultimately, deliver a larger and more profitable business.
As a business we remain focused on the execution of our strategy and driving performance within the business, and believe this will be recognised by the market
I wish you all the very best, and I hope that we can rebuild your confidence.