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NEWS RELEASE |
www.justgroupplc.co.uk |
13 June 2019
JUST GROUP plc
ANNUAL GENERAL MEETING
FOCUSING ON CAPITAL AND VALUE
Just Group plc ("Just", the "Group") is holding its Annual General Meeting today. Speeches by the Chairman and by the Interim CEO will be published on the Group website after the meeting, as detailed below.
The Board remains focused on delivering capital self-sufficiency by 2022, while in parallel developing other strategic and business options to enhance shareholder value.
Key points
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Our market opportunities remain attractive, however we are adapting our business model in light of regulatory changes. The Group is already adapting its intellectual property led model to deliver a business which is performing well commercially and operationally |
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Developing a more capital and cost efficient model. Our focus on more capital efficient new business means we again meet our target mid teen hurdle rate of return on shareholder capital invested in new business. Loss making initiatives such as the US care business and UK income drawdown have been rationalised, with scope for further cost reductions. Capital management forms a core driver of management's short term incentive plans for 2019 |
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Refreshing our Board and management team. Yesterday we announced the appointment of our new Group CFO, Andy Parsons, who will join the Group in January, and the Chairman is expediting the CEO appointment process. He will also continue to prioritise Board gender diversity |
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Directors' buying. All of our directors have recently increased, or are in the process of increasing, their shareholdings, demonstrating their confidence in the Group's ability to execute on its plan and their belief that the current market price bears no relation to the fundamental value of our Group |
David Richardson, Interim Group Chief Executive Officer, said:
"We have a good business which is performing well commercially and operationally. We have a strong position in attractive markets and will use these positive market dynamics together with our market-leading expertise to reduce new business capital strain. At the same time as developing our strategic and business options, we are sharply focused on using our existing capital base wisely and are committed to achieving capital self-sufficiency by 2022."
Chris Gibson Smith, Chairman, said:
"My focus is on maximising shareholder value, with no options excluded. This can now be done from a position of increased regulatory clarity, greater capital strength, a valuable new business franchise, all under the leadership of a strengthened management team."
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Enquiries
Investors / Analysts
James Pearce, Director of Group Finance
Telephone: +44 (0) 7715 085 099 james.pearce@wearejust.co.uk
Alistair Smith, Investor Relations Manager Telephone: +44 (0) 1737 232 792 alistair.smith@wearejust.co.uk
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Media
Stephen Lowe, Group Communications Director
Telephone: +44 (0) 1737 827 301 press.office@wearejust.co.uk
Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7002 1080 |
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FINANCIAL CALENDAR
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DATE |
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Interim results |
4 September 2019 |
A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk
Transcripts of the Chairman and Interim CEO speeches will be published at www.justgroupplc.co.uk/investors/shareholder-information/2019-agm
JUST GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
This announcement may contain and Just may make verbal statements containing "forward-looking statements" with respect to certain of its plans and current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Just's control, including amongst other things, United Kingdom domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the effect of tax and other legislation and other regulations in the jurisdictions in which Just and its respective affiliates operate, the effect of volatility in the equity, capital and credit markets on Just's profitability and ability to access capital and credit, a decline in the Group's credit ratings; the effect of operational risks; and the loss of key personnel. As a result, the actual future financial condition, performance and results of Just may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made in this announcement by or on behalf of Just speak only as of the date they are made. Except as required by applicable law or regulation, Just expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
