Admiral float will net staff thousands

Car
insurance group Admiral has announced plans to float on the stock market,
resulting in some staff receiving windfalls of between £40,000 and £50,000.

Just
under half of the company, estimated to be worth about £600m million, is owned
by 900 of its staff.

The
company has 1,100 employees in Cardiff and another 400 in Swansea.

Staff
working for the company for more than three years will qualify.

Admiral
has revealed record annual profits, up 29 per cent on the previous year, with
online sales now making up half its business.

Chief
executive Henry Engelhardt said the flotation was "a validation" of
Admiral’s successful growth and "an exciting next stage in the future
development of our company".

Trading
profits for 2003 stood at £71.2m, up from £55.2m a year earlier.

The
group, which has 800,000 customers, also said it had paid out a record £2.5
million to staff through profit-sharing schemes.

By
Mike Berry

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