Just Group PLC AGM Statement (0313C)

TIDMJUST

RNS Number : 0313C

Just Group PLC

13 June 2019

 
 
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

 
--  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 
--  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 
--  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 
--  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."

 
 Enquiries 
 
  Investors / Analysts                   Media 
 
  James Pearce, Director of Group        Stephen Lowe, Group Communications 
  Finance                                Director 
 
  Telephone: [phone]        Telephone: [phone] 
  [e-mail]           [e-mail] 
 
  Alistair Smith, Investor Relations     Temple Bar Advisory 
  Manager                                Alex Child-Villiers 
  Telephone: [phone]        William Barker 
  [e-mail]         Telephone: [phone] 
 
 
 FINANCIAL CALENDAR   DATE 
 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 [e-mail] or visit www.rns.com.

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June 13, 2019 02:00 ET (06:00 GMT)