The South Wales based car Insurer, Admiral, has announced a rise in profits just months after revealing it would create new jobs for Newport.
Figures released showed a 6 per cent rise in half yearly profits for the first six months of 2013. The firm, which has offices in Newport as well as Swansea and Cardiff, said pre-tax profits stood at £181.4m, compared to £171.8m last year.
Earlier this year, the company announced it was to create a further 40 jobs in Newport, as part of a 236 jobs boost across the business. This latest announcement further underlines the benefits that this leading UK business will deliver to the city when the new centre opens as part of the Scarborough redevelopment of the Cambrian Centre.
Henry Engelhardt, Admiral Chief Executive, said: "I'm really pleased with our results in the first half of 2013. Any time you can increase profits by 6% when competitors are cutting prices you've got to be happy."
It's good news for its current employees too as Admiral said they were eligible to receive £1,500 of shares each via an employee share scheme thanks to the increase in profits.
Mr Engelhardt added: “All in all it has been a busy, exciting and profitable first half of 2013 and we are poised to meet our expectations for the full year."
This is continual progress for the company who already reported profit increases of 15 per cent in the year up to December 2012.
Next year Admiral is due to move into its new headquarters in Cardiff city centre as well as move to a new office in Newport’s redeveloped Cambrian Centre. Work is currently ongoing on the Newport office opposite the railway station in the centre of the city. On its completion, Admiral will move its Newport base from Langstone to the seven-storey new building, bringing hundreds of workers to the city centre.
Admiral, which also owns brands such as Diamond, Confused.com and Elephant.co.uk, is the only Wales-based company listed in the FTSE 100. It has been listed in the Sunday Times list of 100 Best Companies to Work For, 13 years running and is currently ranked 9th in the UK as well as being named the Best Large Workplace in the UK in the Great Place to Work Institute’s list of best workplaces.