Admiral share price slumps as Engelhardt warns of no reserve releases in Q4
Equity analysts are maintaining a “cautious hold” recommendation on Admiral’s share price as it dropped this morning revealing large personal injury claims continued to create large costs. Admiral boss Henry Engelhardt also warned there could be no further reserve releases in the second half of 2011.
Group turnover rose by 30% to £582m in the third quarter but this is down from £446m last year and group vehicle count rose to 27% to 3.3m.
Chief executive Engelhardt said: “Our international
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