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Wales Online
5 days ago
- Automotive
- Wales Online
Staff at car insurance giant Admiral to get £1,800 in free shares after record half year
Staff at car insurance giant Admiral to get £1,800 in free shares after record half year The Cardiff car insurance to loans group has reported a 69% rise in pre-tax profits Chief executive of Admiral Milena Mondini de Focatiis (Image: Matthew Horwood) Car insurance to loans group Admiral has reported a record half year financial performance with 13,000 staff being rewarded with free shares with a value worth up to £1,800. Following record revenues and profit for full year 2024, the Cardiff headquartered venture and Wales' only FTSE 100 business, maintained a strong upwards trajectory in the first half of this year. Admiral, which employs more than 7,000 in South Wales but also has insurance businesses in Spain, Italy and France, posted a 69% rise pre-tax profits from continuing operations (not including its US car insurance business which is being sold to J.C. Flower) from £307.6m in the first half of 2024 to £521m. Its UK insurance business (mainly car, but also with other lines like pet) performed strongly adding more than a million customers on the first half of 2024 to reach 9.3 million. Profits for its UK car insurance business rose 56%. Overall, group customers were up just over one million at 11.42 million. However, European customers were down marginally (3%) from 1.96 million to 1.91 million. Overall group customers were up more than two million at 11.42 million Article continues below Group revenues came in the same as the first half of 2024 at £3.1bn. It also announced an interim dividend payment of 115p per say (71p last year). The dividend will be paid to shareholders on October 3. Following the publishing of the interim results Admiral's price was up more than 7%. The group's lending business, Admiral Money, increased its loan balances on a year earlier by 25% to £1.28bn. Wales bucks UK trend with a fall in unemployment READ MORE: Welcoming the financial results chief executive Milena Mondini de Focatiis said: "We have delivered another excellent first half with strong execution across all strategic objectives. Group profit increased 69% to a record £521. "We have an additional one million customers across our diversified businesses compared to this time last year, due to our focus on offering competitively priced cover and excellent service across our diversified businesses. 'In the UK, car insurance prices have been falling for the last 18 months due to softer inflation. Our disciplined approach to pricing and growth means that we reported a great performance across the board. "Our UK motor business increased its profit by 56% and the UK Household and Admiral Money businesses continued to grow, more than doubling their respective profit. In Europe, we saw good progress with growth in France and Italy close to restoring profitability. 'In March, we said that our priority was to stay efficient and agile and we are continuously investing in our data and technological capabilities to future-proof our competitive advantage. We are enhancing the customer experience so we can help our 11 million customers safely back onto the road, back into their home or back from abroad faster than ever. "I'm proud of our colleagues' customer-centric approach which has resulted in an excellent group net promoter score. I am also proud of the way that we are supporting customers' transition to a lower carbon economy and boosting their resilience and preparedness for extreme weather. Article continues below 'I'm very excited to see our businesses go from strength to strength. I'm confident in our fundamentals and adaptability which mean that we are well-placed for further success, delivering even more value for our shareholders and our growing customer base."
Wales Online
5 days ago
- Automotive
- Wales Online
Staff at Admiral get major reward after record half year
Staff at Admiral get major reward after record half year The Cardiff car insurance to loans group has reported a 69% rise in pre-tax profits Chief executive of Admiral Milena Mondini de Focatiis (Image: Matthew Horwood) Car insurance to loans group Admiral has reported a record half year financial performance with 13,000 staff being rewarded with free shares with a value worth up to £1,800. Following record revenues and profit for full year 2024, the Cardiff headquartered venture and Wales' only FTSE 100 business, maintained a strong upwards trajectory in the first half of this year. Admiral, which employs more than 7,000 in South Wales but also has insurance businesses in Spain, Italy and France, posted a 69% rise pre-tax profits from continuing operations (not including its US car insurance business which is being sold to J.C. Flower) from £307.6m in the first half of 2024 to £521m. Its UK insurance business (mainly car, but also with other lines like pet) performed strongly adding more than a million customers on the first half of 2024 to reach 11.42 million with profits up 56%. However, European customers were down marginally (3%) from 1.96 million to 1.91 million. Overall group customers were up more than two million at 11.42 million Group revenues came in the same as the first half of 2024 at £3.1bn. It also announced an interim dividend payment of 115p per say (71p last year). The dividend will be paid to shareholders on October 3. Following the publishing of the interim results Admiral's price was up more than 7%. Never miss a Cardiff story by signing up to our daily newsletter here Article continues below The group's lending business, Admiral Money, increased its loan balances on a year earlier by 25% to £1.28bn. Welcoming the financial results, chief executive Milena Mondini de Focatiis said: 'We have delivered another excellent first half with strong execution across all strategic objectives. Group profit increased 69% to a record £521. "We have an additional one million customers across our diversified businesses compared to this time last year, due to our focus on offering competitively priced cover and excellent service across our diversified businesses. 'In the UK, car insurance prices have been falling for the last 18 months due to softer inflation. Our disciplined approach to pricing and growth means that we reported a great performance across the board. "Our UK motor business increased its profit by 56% and the UK Household and Admiral Money businesses continued to grow, more than doubling their respective profit. In Europe, we saw good progress with growth in France and Italy close to restoring profitability. 'In March, we said that our priority was to stay efficient and agile and we are continuously investing in our data and technological capabilities to future-proof our competitive advantage. We are enhancing the customer experience so we can help our 11 million customers safely back onto the road, back into their home or back from abroad faster than ever. "I'm proud of our colleagues' customer-centric approach which has resulted in an excellent group net promoter score. I am also proud of the way that we are supporting customers' transition to a lower carbon economy and boosting their resilience and preparedness for extreme weather. 'I'm very excited to see our businesses go from strength to strength. I'm confident in our fundamentals and adaptability which mean that we are well-placed for further success, delivering even more value for our shareholders and our growing customer base." Get Cardiff news updates on your phone by joining our WhatsApp community here . We occasionally treat members to special offers, promotions, and ads from us and our partners. See our Privacy Notice Article continues below
Scotsman
31-07-2025
- Business
- Scotsman
Why rising food price inflation is a real problem for Labour and SNP
Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... For much of 2021, food was actually getting cheaper. However, in the second half of the year, prices slowly began to rise and, by January 2022, food inflation had hit 4.4 per cent. The following month, Vladimir Putin launched his full-scale invasion of Ukraine, creating a humanitarian tragedy and a global energy crisis that affected the cost of almost everything we buy. Inflation soared. The consumer price index (CPI) peaked at 11.1 per cent in October 2022, but food price inflation rose even higher, hitting a staggering 19.2 per cent in March 2023. It was this, combined with sky-rocketing energy prices, that made the cost-of-living crisis so devastating. Advertisement Hide Ad Advertisement Hide Ad By July last year, when Labour swept to power with a landslide majority, food inflation had fallen to just 1.5 per cent, below the overall rate of 2.2 per cent. While prices remained higher than in the past, they were no longer rising at an untenable rate. Food price inflation is an issue that affects the vast majority of people (Picture: Matthew Horwood) | Getty Images 'Significant challenges to household budgets' However, the cost of food and non-alcoholic beverages rose by 4.5 per cent in the year to June, above the CPI rate of 3.6 per cent. Now the British Retail Consortium (BRC) is warning, based on a survey of its members, that food price inflation will hit 6 per cent by the end of the year, posing 'significant challenges to household budgets, particularly in the run-up to Christmas'. Eighty-five per cent of chief financial officers told the BRC that the UK Budget, which raised employers' National Insurance contributions and the national living wage, had forced them to increase prices and 65 per cent predicted there would be more hikes to come. Advertisement Hide Ad Advertisement Hide Ad David Lonsdale, director of the Scottish Retail Consortium, said the changes had added £190 million a year to Scottish retailers' outgoings and 'this was compounded by the decision in the Scottish Budget to lump an extra £7.6m annually onto retailers' business rates bills'.
Wales Online
13-07-2025
- Business
- Wales Online
Concerns over building firm hired to work on beloved Welsh attraction
Concerns over building firm hired to work on beloved Welsh attraction A whistleblower fears the project could 'turn into an absolute farce' Castell Coch in Tongwynlais, Cardiff (Image: Matthew Horwood/Getty ) Concerns have been raised over the choice of subcontractor for a key conservation project at a beloved Welsh tourist attraction. SSH Conservation Ltd – which last month changed its name to AAT (2025) Ltd – recently fell into administration owing more than £1.25m. A new company, led by one of the same directors, has taken on the SSH Conservation Ltd name and landed a major contract to work on Castell Coch, a 19th-century Gothic Revival castle in Tongwynlais, north Cardiff. The older firm's debts include £956,576 owed to the taxman but the Welsh Government says it has been assured "all necessary due diligence" was carried out in the tender. The Grade I-listed landmark is controlled by Cadw, the Welsh Government's historic environment service, which has contracted a £2.52m conservation job involving the castle's well and kitchen towers to John Weaver Contractors Ltd – which in turn has now subcontracted a portion of the upcoming work to SSH. A source close to the project claimed to WalesOnline that the value of the work contracted to SSH is around £500,000. Companies House paperwork lists the older company's debts as totalling £1,256,834 to some 86 creditors including various small businesses and HM Revenue & Customs (HMRC). "Employees" are listed as unsecured creditors owed £44,188. Article continues below "The company had 21 employees," the administrators wrote last month. "However as a result of the administration they have all been made redundant." The new SSH was registered on Companies House in January as 'Abacus Building Conservation' before adopting its current name last month. It has yet to file accounts. The sole director is 51-year-old Jacob Motley, who is one of the three directors of the older business. Our source voiced concern the project could "turn into an absolute farce" if the new firm encounters difficulties. A Welsh Government spokeswoman said: "Following a rigid procurement and appointment process Cadw contracted John Weavers Contractors (JWC) as the main contractors in 2024 to carry out conservation work to the well and kitchen towers of Castell Coch. "Subsequent tender processes for domestic subcontractors were managed internally by JWC and one of the appointed subcontractors is SSH Conservation, who this year will be undertaking repointing, masonry repairs, and dismantling and rebuilding chimneys on both towers and have the necessary skills to undertake this specialist work." She added: "JWC have provided full assurances to Cadw that all necessary due diligence had been carried out." In a statement last month AAT's administrators, FRP Advisory, wrote that they did not believe the company could be rescued as a "going concern" due to "the level of historic debt". They went on: "In this administration it is proposed that the administrators will take the necessary steps to dissolve the company as it is not anticipated there will be any funds available for distribution to unsecured creditors." Why did the firm fall into administration? In a summary of AAT's struggles its administrators wrote last month: "The company was acquired by the current director in 2022 by way of management buyout and shortly thereafter began experiencing financial difficulties when it fell into arrears with HMRC and entered into a time-to-pay arrangement. "Escalating costs together with losses on some projects caused the company to reach a point where it breached the arrangement. "Its financial statements show that in the year ended March 31, 2024, it had a turnover of some £7.2m but reported a loss of £466,000. The directors sought advice from insolvency practitioners at FRP Advisory but owing to its insurmountable liabilities the company was placed into administration on April 22, 2025." Sally Strachey Historic Conservation Ltd was formed in Somerset in 2010 and shortened its name to SSH Conservation last year before changing its name to AAT last month. The SSH website says: "We undertake the repair and conservation of historic fabric across a range of projects that incorporate architectural stonework, archaeological sites, museum pieces, church monuments, historic plaster and render, sculpture, polychrome, and decorative surfaces." The conservation project is anticipated to take two years from when it began in April 2024. "Very damp conditions" in the well tower had been "damaging the fabric of the building", says Cadw. SSH and JWC declined to respond to questions. Article continues below If you know of a story we should be investigating email us at
Wales Online
11-07-2025
- Entertainment
- Wales Online
Oasis fans in Manchester get good news compared to Cardiff gigs
Oasis fans in Manchester get good news compared to Cardiff gigs The band's loyal supporters have been greeted by a welcome announcement when entering the gig venue Heaton Park Oasis fans sing in the street with a pre-gig drink ahead of the Oasis Live '25 Tour at the Principality Stadium (Image: Matthew Horwood ) Oasis fans attending the band's second leg of their reunion tour in Manchester have received welcome news ahead of tonight's opening gig at Heaton Park. After outcry over the prices of a pint at the Principality Stadium, drinks prices are going to be far lower for the second set of gigs. Liam and Noel Gallagher are back in their hometown ready to perform the first of five gigs at Heaton Park. They will perform there on Friday, July 11 and Saturday, July 12. They will then return to perform there on Wednesday, July 16, Saturday, July 19 and Sunday, July 20. It follows their historic first gigs on stage together in 16 years at the Principality Stadium in Cardiff. And those attending the outdoor gigs will have to fork out less money at the bar than those who attended their gigs in the Welsh capital. A pint of lager and cider is priced at £6.50 for those attending Heaton Park shows. This is a marked difference from the Cardiff shows, where a pint of beer was priced at £8.20 and a half £4.10. It wasn't the only place that fans were stung over drinks prices in Cardiff, as fans voiced their discontent after nearby Wetherspoons establishments, which implemented a price surge at three of its pubs in the centre of the city. Article continues below Despite the inflated prices, for drinks as well as tickets, fans filtering out of the Principality Stadium gave glowing reviews to our reporters, describing it as "the best gig ever", "ten out of ten" and "worth every penny." Others described it as "absolutely amazing" and "an emotional, out of body experience." The media also lauded the return of the band, with publications across the world united in its assessments to give the gig five stars. This included WalesOnline's Kathryn Williams who described Liam's voice as "faultless." The city was abuzz with Oasis fever for an entire weekend, with merchandise stores, an exhibition of priceless items displayed and its music pumping out of most pubs. Tickets for the Oasis reunion sold out across all venues due to huge demand when they went online earlier in the year. However, there are still several options available for fans trying to snag a last-minute spot. Limited last-minute tickets can be bought from the official Ticketmaster resale site, where fans who can no longer go can sell their seats, although these tend to go in and out of stock quickly. Viagogo and resale tickets Sites such as viagogo, Stubhub, and Vivid Seats allow fans to buy resale tickets from other fans. However, it is important to note that ticket conditions often prohibit resale after initial purchase. Those tickets may not be valid for admittance to gigs. Fans intending to buy tickets for live events through resale websites should check the ticket terms and conditions, to confirm whether resale is prohibited, before they buy. Ticket terms and conditions can be checked with the original seller, such as Ticketmaster or Live Nation. If resale is prohibited, tickets bought second-hand could be voided and admission to the event refused. Elsewhere, resale sites like Viagogo, Vivid Seats, StubHub, and Twickets are selling tickets for various dates with prices from £121, although fans should always bear in mind that many official sites, such as Ticketmaster and Live Nation, discourage the purchase of resale tickets. Article continues below
