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Admiral UK operations lift profits ahead of forecasts
August 29, 2013 / 6:22 AM / 4 years ago

Admiral UK operations lift profits ahead of forecasts

LONDON, Aug 29 (Reuters) - British motor insurer Admiral Group Plc outpaced market forecasts for its first half earnings with a 6 percent lift in pre tax profits, largely attributed to its core UK business.

Profits before tax were 181.4 million pounds, Admiral said in an earnings statement on Thursday, compared with 171.8 million pounds a year earlier and beating analyst forecasts of 177 million pounds.

Admiral attributed the profit growth to primarly to improving profitability in the UK where it has focused on margins over volume growth.

Earnings per share also rose 6 percent over the period to 50.1 pence.

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