Personal Group Holdings PLC Response to Autumn Statement (1034Q)
November 24 2016 - 9:16AM
UK Regulatory
TIDMPGH
RNS Number : 1034Q
Personal Group Holdings PLC
24 November 2016
Press Release 24 November 2016
Personal Group Holdings Plc
("the Company" or "the Group")
Response to Autumn Statement
Personal Group Holdings Plc [AIM: PGH] (or "Personal Group" or
"the Company") notes the comments made in the Autumn Statement
around future changes in salary sacrifice due in April 2017.
Further clarification on the how these changes will be implemented
will come from the publication of the Finance Bill on 5(th)
December 2016.
The Company remains fully behind its Lets Connect business and
does not believe the anticipated changes will impact the overall
competitiveness of its Home Technology offering. A recent on-line
survey of 4,000 end users of the Lets Connect offering showed that
cost was ranked 5(th) after convenience, absence of credit checks
or upfront costs, affordability and trusted provisioning from their
employer.
An area of impact will be on mobile phones (given previous tax
advantages were removed on home technology a number of years ago)
which only makes up approximately 10% of the Lets Connect business.
Pleasingly, a transition period has been given for mobile phones
through until April 2018 which means that all those currently
enjoying the use of a mobile phone or taking delivery of a phone
before 5(th) April 2017 will be unaffected in the transition
period.
The core insurance business of the Group continues to perform in
line with expectations. Despite a further 2% increase in Insurance
Premium Tax due in June next year, the Board remain confident of
the longevity of the product given its importance to so many
employees around the country.
The Company remains in line with expectations for full year
profit and expects to announce its full year results in March
2017.
Mark Scanlon, CEO, commented: "We welcome the clarity that the
Autumn Statement brings to our Lets Connect business as it falls in
line with the expectations as we understood them from the
consultation published in August this year.
"The Group's salary sacrifice offering becomes much simpler and
easier to understand as much of the complexity is removed."
For more information please contact:
Personal Group Holdings
Plc
Mark Scanlon / Mike Dugdale +44 (0)1908 605 000
Cenkos Securities Plc
Max Hartley / Stephen
Keys (Nomad) +44 (0)20 7397 8900
Russell Kerr (Sales)
Media enquiries:
Abchurch Communications
Julian Bosdet / Tim Thompson
/ Rebecca Clube +44 (0)20 7398 7700
Personalgp@abchurch-group.com www.abchurch-group.com
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Notes to editors:
With over 30 years' experience of looking after its customers'
employees, Personal Group Holdings Plc (AIM: PGH) is a leading
provider of employee benefits and employee related insurance
products, offering benefits programmes to over 2 million employees
across the UK.
Personal Group's innovative approach to using technology to
deliver its programmes, combined with its face-to-face method of
communicating with employees, makes its offering compelling to blue
chip clients across the UK as a way of attracting, retaining and
motivating employees. The Group tailors its packages to include
insurance products such as hospital and convalescence plans, death
benefit and income protection plans, as well as lifestyle benefits
such as holiday and retail discounts, health and wellbeing benefits
and a range of tax efficient benefits.
Personal Group can also supply home technology via salary
sacrifice through its subsidiary Let's Connect. Offering the latest
iPads and other tablets, home computers and laptops, smart phones
and smart TVs is a highly engaging benefit from which both the
employer and employee can profit.
Personal Group has a strong client base across a range of
sectors including transport, where it works with the likes of
Network Rail, Stagecoach and EYMS Group Ltd, and healthcare, where
clients include Four Seasons Health Care, Priory Group and Spire
Healthcare. The Group also covers logistics, with companies such as
TNT Express and Bibby, and motoring with Manheim and JCT600 as
clients. In addition the Group also has a strong presence in food
manufacturing and service and clients include 2 Sisters Food Group
and Young's Seafood.
With over 520 clients the Group has grown considerably and
provides engaging and effective benefits packages across a breadth
of sectors.
For further information, please see www.personalgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
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November 24, 2016 09:16 ET (14:16 GMT)