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Personal cuts dividend as profit falls 18%
StockMarketWire.com
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Employee benefits and services provider Personal posted an 18% fall in annual profit and slashed its dividend as margins shrunk amid the pandemic.
Pre-tax profit for the year through December decreased to £8.6 million, down from £10.5 million year-on-year, even as revenue edged up to £71.5 million, from £70.9 million.
Personal said limited new insurance sales during 2020 and the current UK Covid lockdown would impact insurance revenues in 2021.
It declared a dividend of 5.1p per share, down from the 23p declared for 2019.
'There is no doubt it has been a very challenging year, with the restrictions in 2020 impacting new insurance sales in 2020 and into 2021, but looking past this one-off headwind, we believe the business has entered the new year in a very strong position,' chief executive Deborah Frost said.
Story provided by StockMarketWire.com
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