Key Financial Data

Financial highlights &
Group Key Performance Indicators

Interim results – Continuing Operations

Six months ended
30 June 2013

Six months ended
30 June 20121

Revenue (£ millions)

99.7

136.9

Operating (loss)/profit (£ millions)

 

 

– Reported

(9.7)

2.3

– Underlying2

(3.5)

14.0

(Loss)/profit before tax (£ millions)

 

 

– Reported

(11.7)

1.7

– Underlying2

(5.4)

13.4

(Loss)/profit after tax (£ millions)

 

 

– Reported

(15.8)

0.7

– Underlying3

(9.6)

9.6

(Loss)/profit for the period4 (£ millions)

(2.6) 4.4

Basic (loss)/earnings per share (pence)

   

– Reported

(9.23)

0.44

– Underlying

(5.60)

5.65

Net funds5 (£ millions)

38.8

8.0

1. Restated to reflect the North American operation as discontinued.

2. Underlying operating (loss)/profit and underlying (loss)/profit before tax exclude exceptional items £6.2 million (H1 2012: £11.8 million). Further detail is provided in note 4 to the condensed financial statements.

3. Underlying (loss)/profit after tax exclude exceptional items net of tax £6.2 million (H1 2012: £8.9 million). The tax effect of the exceptional items is £nil (H1 2012: £2.9 million). Further detail is provided in note 4 to the condensed financial statements.

4. (Loss)/profit for the period includes profit after tax from continuing and discontinued operations.

5. Net funds comprises cash and cash equivalents of £62.6 million (H1 2012: £51.2 million) partially offset by bank loans of £23.8 million (H1 2012: £43.2 million). Cash and cash equivalents includes cash held for regulatory purposes of £21.8 million (H1 2012: £22.8 million) and cash restricted by the terms of the VVOPs within the UK’s regulated entities of £29.8 million (H1 2012: £nil). Whilst not available to the wider Group, the restricted cash is available to the regulated entity in which it exists including for operational and customer redress purposes.

Year ended
31 December 2012

Continuing operations Discontinued operations

Total

Revenue (£’m)

269.9

49.8

319.7

Operating (loss)/profit (£’m)

   

 

– Reported1

(17.7)

7.4

(10.4)

– Underlying2

26.2

10.1

36.3

(Loss)/profit before tax (£’m)

   

 

– Reported1

(19.9)

7.4

(12.6)

– Underlying2

24.0

10.1

34.1

(Loss)/profit after tax (£’m)

   

 

– Reported

(21.4)

4.2

(17.2)

– Underlying2

16.9

6.8

23.7

Basic (loss)/earnings per share (pence)

     

– Reported

(12.42)

2.43

(9.98)

– Underlying

9.91

3.95

13.86

Cash generated by operations (£’m)

10.4

7.0

17.4

Net funds (£’m)

9.8

3.8

13.6

Dividend per share (pence)

1.  Reported figures which agree to the income statement are for continuing operations only. Discontinued operations are not   reported in operating (loss)/profit or (loss)/profit before tax in the income statement. Further detail to the discontinued operations is provided in note 8 to the condensed financial statements. Discontinued operations are included in this analysis to provide an indicative view of how the Group has performed in the year.

2.    Excluding exceptional items from continuing operations of £43.9 million and discontinued operations of £2.7 million.

Year ended
31 December 2011

Continuing operations Discontinued operations

Total

Revenue (£’m)

300.4

45.8

346.1

Operating profit (£’m)

   

 

– Reported1

22.9

6.8

29.7

– Underlying2

40.9

6.8

47.7

Profit before tax (£’m)

   

 

– Reported1

21.6

6.8

28.3

– Underlying2

39.6

6.8

46.4

Profit after tax (£’m)

   

 

– Reported

11.9

6.2

18.1

– Underlying2

26.0

6.2

32.2

Basic earnings per share (pence)

     

– Reported

7.06

3.58

10.64

– Underlying

15.28

3.62

18.90

Cash generated by operations (£’m)

50.3

4.9

55.2

Net funds (£’m)

5.6

6.2

11.9

Dividend per share (pence)3

2.42

2.42

1.  Reported figures which agree to the restated income statement are for continuing operations only. Discontinued operations are not reported in operating profit or profit before tax in the restated income statement. Further detail to the discontinued operations is provided in note 8 to the condensed financial statements. Discontinued operations are included in this analysis to provide an indicative view of how the Group performed in the prior year.

2. Excluding exceptional items from continuing operations of £18.0 million and discontinued operations of £0.1 million.

3. Dividends announced and paid relating to the 2011 financial year.

2012 Financial highlights & Group KPI’s

Revenue (continuing and discontinued operations) Underlying operating profit Reported (loss)/profit after tax Revenue (continuing operations only) Underlying operating profit (continuing operations only) Reported (loss)/profit (continuing operations only)

1Underlying operating profit excludes exceptional items.

New assistance income Annual renewal rate Live policies Cost/income ratio Operating profit

*The KPI information provided includes continuing and discontinued operations.

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