Free shares for Newport workers as Admiral profits soar
5:16pm Wednesday 6th March 2013 in News
ADMIRAL has announced a 15 per cent rise in profits, which will see 478 staff members at its Newport office each receive free shares worth £3,000.
Figures for the UK’s second biggest car insurance company show pre-tax profits of £345 million for the year up to December 2012, compared to £299 million the previous year.
The 6,500 staff employed by the Welsh insurance company will each get free shares worth £3,000 in the employee share scheme.
Admiral is celebrating its 20th year and the chairman of the group Alastair Lyons described it as the "most successful year to date."
He said: "Looking back over the last 20 years, I want to thank everyone who has helped us to create such a robust business."
The Cardiff-based group, which also has offices in Newport and Swansea, saw its turnover rise by one per cent to £2.22 billion.
In 2011 the company said its turnover increased by 38 per cent to £2.19 billion, while the number of customers was also up by 22 per cent to £3.36 million.
The Newport office, which is currently based in Langstone, has a claims department, a new business department and support staff members such as human resources.
The insurance company has signed a pre-let deal on a new office development in Newport city centre.
Work has already begun on the redevelopment of the Cambrian Centre with a seven storey office block set to replace the existing shopping centre and 500-space car park, which will be demolished.
On its completion Admiral is set to move to the new site, bringing hundreds of workers to the city centre.
The firm announced a year ago that it had provisional plans to move staff to the new office block on a 20-year lease.
Admiral also owns brands such as Confused.com, Elephant.co.uk and Diamond.
The company provides cover for around 3.5 million vehicles.
Chief executive Henry Engelhardt who was with the business when it sold its first policy over the phone in 1993, said he believes the next 20 years will make the first 20 "seem downright pedestrian".