Personal Group's shares rise as investors like outlook

Personal Group has posted reduced full-year revenue and pre-tax profit from continuing operations in a challenging year, but its shares rose as investors warmed to the company's 2017 outlook.

"We started 2017 in a strong position to see the business grow in the year ahead," said non-executive chairman Mark Winlow in in a forward-looking statement for the company, which provided employee services in the UK.

"There remains a number of uncertainties, including the rate of take-up of our SME offer, but, with a strong offer to clients, we have already seen an uptick in our Let's Connect business and sales in our core insurance business continue to perform well."

The company upped its dividend to 22p a share, with pre-tax profit from continuing operations at £10.5m, from £14.1m, and revenue of £53.6m, from £58.0m.

Chief executive Mark Scanlon commented that 2016 brought about some challenges for Personal Group.

"We are now better placed than ever to take advantage of the opportunity that now exists within our market place," he said.

"The market we face today has changed and it was recognising that change that drove the strategy we have adopted and delivered on since."

Scanlon also said that the shape of the business now reflected the current and future demands of clients.

Recent investments allowed the company to deliver an industry-leading platform and a strong, comprehensive and flexible product offer, underpinned by an established supply chain and access to a significantly expanded market opportunity, he said.

At 13:18 GMT, shares in AIM-listed Personal were up 9.17% to 297.5p each.