Personal Group Holdings (PGH) has produced FY19A results comfortably ahead of previous forecasts (£66.9m revenue, £10.3m adj EBITDA), reflecting growth in lower margin services beyond Insurance. However, FY20E trading will be impacted adversely by COVID-19 through a possible rise in Insurance claims, policyholder churn, as well as reduced activity levels across the group. It is too early to accurately predict the severity of impact, hence we withdraw forecasts and move our recommendation to Unde ....
21 Apr 2020
Cenkos: Personal Group Holdings Plc -- 2019 better than expected, but uncertainty ahead
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Cenkos: Personal Group Holdings Plc -- 2019 better than expected, but uncertainty ahead
Personal Group Holdings Plc (PGH:LON) | 164 2.2 0.8% | Mkt Cap: 51.2m
- Published:
21 Apr 2020 -
Author:
Cavendish Research -
Pages:
7
Personal Group Holdings (PGH) has produced FY19A results comfortably ahead of previous forecasts (£66.9m revenue, £10.3m adj EBITDA), reflecting growth in lower margin services beyond Insurance. However, FY20E trading will be impacted adversely by COVID-19 through a possible rise in Insurance claims, policyholder churn, as well as reduced activity levels across the group. It is too early to accurately predict the severity of impact, hence we withdraw forecasts and move our recommendation to Unde ....