Just Group (JUST)

Sector:

Insurance

Index:

FTSE 250

153.00p
   
  • Change Today:
      5.00p
  • 52 Week High: 153.40
  • 52 Week Low: 79.90
  • Currency: UK Pounds
  • Shares Issued: 1,038.70m
  • Volume: 8,744,169
  • Market Cap: £1,589.22m
  • RiskGrade: 252
  • Beta: 1.20

Just Group shares surge on solid first-half results

By Josh White

Date: Tuesday 13 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Just Group shares were rocketing on Tuesday morning, after it announced a robust set of first-half results.
The FTSE 250 company reported a 44% increase in underlying operating profit, reaching £249m, compared to £173m in the same period last year.

That growth was largely driven by higher new business sales, increased recurring in-force profit, and improved operational efficiency.

Retirement income sales grew 30% to £2.5bn, up from £1.9bn a year earlier.

The firm said its focus on pricing discipline and risk selection in strong markets led to an improved margin of 9.0%, contributing to a 38% rise in new business profits, which totaled £222m, compared to £161m last year.

As Just Group moved into the second half, the company said it expected new business volumes to remain consistent with the first half, though margins could be slightly lower due to business mix.

However, it said it remained optimistic about the long-term structural growth of its markets.

Just Group said its capital coverage ratio remained stable at 196%, reflecting a solid financial position, while its new business strain was 1.5%, well within its target of below 2.5%.

Cash generation before new business strain was steady at £49m.

Adjusted profit before tax rose to £267m, although IFRS profit before tax declined to £74m, from £117m last year, due to deferred profit.

Just Group also reported an improved return on equity of 15.6% and an increase in tangible net assets per share to 240p.

The board declared an interim dividend of 0.7p per share, reflecting 20% growth and aligning with its stated policy of maintaining dividend growth.

"We are delighted with the strong momentum in our business driven by the multiple opportunities available and structural growth in our chosen markets," said group chief executive officer David Richardson.

"Our DB and retail businesses both contributed to this excellent performance, reflecting our continuing investment in technology and talent.

"We have never been more confident in our ability to deliver sustainable and compounding growth."

Richardson said the company had a "growth mindset", and developed a winning formula, which is delivering sustained growth in the value of the business.

"Given the strong first half outcome, the positive market dynamics, and our forward-looking pipeline, we expect to substantially exceed previous 2024 guidance of doubling 2021's £211m operating profit in three years."

At 0830 BST, shares in Just Group were up 12.95% at 132.6p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Just Group Market Data

Currency UK Pounds
Share Price 153.00p
Change Today 5.00p
% Change 3.38 %
52 Week High 153.40
52 Week Low 79.90
Volume 8,744,169
Shares Issued 1,038.70m
Market Cap £1,589.22m
Beta 1.20
RiskGrade 252

Just Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
65.24% above the market average65.24% above the market average65.24% above the market average65.24% above the market average65.24% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend
95.41% above the market average95.41% above the market average95.41% above the market average95.41% above the market average95.41% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
62.6% below the market average62.6% below the market average62.6% below the market average62.6% below the market average62.6% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
5.48% below the market average5.48% below the market average5.48% below the market average5.48% below the market average5.48% below the market average
42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average

What The Brokers Say

Strong Buy 3
Buy 3
Neutral 1
Sell 0
Strong Sell 0
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Just Group Dividends

  Latest Previous
  Interim Final
Ex-Div 22-Aug-24 11-Apr-24
Paid 04-Oct-24 15-May-24
Amount 0.70p 1.50p

Trades for 03-Dec-2024

Time Volume / Share Price
11:51 2 @ 152.40p
11:54 4,550 @ 152.88p
11:53 2,138 @ 153.40p
11:53 487 @ 153.00p
11:53 875 @ 153.00p

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