Personal Group says underlying performance strong

Personal Group said it encouraging to see the underlying core business continuing to perform well in the face of some challenges in 2016.

"The attractiveness of the Lets Connect offer remains strong, and while the uncertainty caused by the HMRC consultation into salary sacrifice has been frustrating in the short run, and will impact 2017 sales and profit guidance," said CEO Mark Scanlon in a statement.

"We look forward to growing this business in the future," he added.

"With the signing of the Sage agreement, 2016 also saw us make significant progress in developing our available markets.

"We have more than doubled our market opportunity to over 26 million private sector employees. This gives us a strong platform from which to develop the business further in 2017 and beyond."

The underlying performance of the business has remained strong, with FY 16 EBITDA marginally ahead of expectations despite a lower than expected top line out turn.

This performance reflects the continued strength of the Company's core insurance business, which during the period saw its fifth consecutive year of record sales, demonstrating the continued attractiveness of its products to employers and employees.