Just Retirement posts record sales

| July 31, 2009 | 0 Comments
Just Retirement posts record sales

Financial services provider Just Retirement this week posted record fourth quarter sales of £234.9 million, up 20% on the previous record.

Chief executive Mike Fuller said the result for the three months ending 30th June 2009 was “very pleasing”.

“We have also improved our capital position whilst maintaining our rigorous focus on profitability”, Fuller said.

“Accordingly, I look forward to this coming financial year with confidence.”

The increase came despite a 9% year-on-year decline in equity release sales.

However, the firm’s market share of equity release plans increased to 19%, from 14% a year ago.

Annuity sales increased 18% above previous record levels.

Fuller said the result “validates” the firm’s profit-focused strategy of concentrating on maximising shareholder value rather than seeking to compete with the “irrational rates” offered by other firms.

Fuller added the result was “very credible” given the turmoil on financial markets over the past year.

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