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    EG7   IE0003290289

FBD HOLDINGS PLC

(EG7)
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Ireland's FBD issues fresh profit warning, shares tumble

11/11/2014 | 06:50am EDT

DUBLIN (Reuters) - Irish general insurer FBD Holdings Plc issued its second claims-driven profit warning in six months on Tuesday, saying it could face a full-year loss and sending its shares tumbling 25 percent.

FBD cut its full-year guidance range to an operating loss per share of zero to 10 euro cents from a profit of 70 to 80 cents that it expected in August, which was in turn just half the level it had forecast in March.

Shares in the group, which posted an operating profit per share of 136 euro cents in 2013, fell to 10.80 euros ($13.40) by 11:17 GMT, near their lowest level in almost two years.

Its latest claims included an above average level of large claims. It also cut its earnings guidance for the fourth quarter by 10 million euros, citing the recent "unprecedented volatility in claims costs".

"The claims environment in recent months has been far more challenging than expected," the Dublin-based firm said in a trading update.

"Following a detailed review, there is no reason to believe that this development is systemic or that the experience will recur in future periods," it added.

It said the board's dividend policy would remain unchanged and that the growth in economic activity in Ireland, which is expected to be the fastest growing economy in Europe over the next three years, would help the company in the medium term.

The Irish insurance market grew for the first time since 2003 in the first nine months of the year, and FBD's gross premium level written to date is up 4 percent year on year, marginally increasing its market share, the company said.

Davy Stockbrokers said that given the unprecedented level of claims volatility and a lack of visibility, it was revising its rating of FBD to 'underperform' from 'neutral'.

Merrion Stockbrokers said the latest news might further undermine credibility in the FBD investment case, which could take some time to be restored.

(Reporting by Padraic Halpin; editing by Jason Neely and Jane Baird)


© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
FBD HOLDINGS PLC 1.28% 7.9 Real-time Quote.4.00%
JASON CO., LTD. 0.96% 527 End-of-day quote.-21.11%
LETS HOLDINGS GROUP CO., LTD. -0.32% 6.32 End-of-day quote.-18.77%
All news about FBD HOLDINGS PLC
09/01FBD Holdings plc Appoints John O'dwyer as Non-Executive Director
CI
08/16Jean Sharp Joins to Board of FBD Holdings plc and FBD Insurance plc as Independent Non-..
CI
08/06FBD : Earnings Flash (FBH.L) FBD Posts H1 Revenue EUR191.5M
MT
08/06FBD : Earnings Flash (FBH.L) FBD Posts H1 EPS $0.53
MT
08/06Fbd Holdings plc Reports Earnings Results for the Half Year Ended June 30, 2021
CI
07/21Irish insurance regulator urges reform of renewal rules
RE
05/28FBD Holdings plc Appoints Mr. David O'connor as Chairman
CI
05/12FBD HOLDINGS PLC : 1st quarter earnings
CO
05/12FBD HOLDINGS PLC : Press Release
CO
04/16FBD HOLDINGS PLC : Crossing thresholds
CO
More news
Analyst Recommendations on FBD HOLDINGS PLC
More recommendations
Financials
Sales 2021 324 M 376 M 376 M
Net income 2021 36,6 M 42,6 M 42,6 M
Net Debt 2021 - - -
P/E ratio 2021 7,60x
Yield 2021 6,04%
Capitalization 279 M 325 M 324 M
Capi. / Sales 2021 0,86x
Capi. / Sales 2022 0,83x
Nbr of Employees 900
Free-Float 43,9%
Chart FBD HOLDINGS PLC
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FBD Holdings plc Technical Analysis Chart | EG7 | IE0003290289 | MarketScreener
Technical analysis trends FBD HOLDINGS PLC
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 7,90 €
Average target price 8,95 €
Spread / Average Target 13,3%
EPS Revisions
Managers and Directors
Tomás O’Midheach Chief Executive Officer & Executive Director
John O'Grady Chief Financial Officer & Executive Director
Liam Herlihy Chairman
Enda Kyne Chief Operations & Technology Officer
Walter Jean Maria Bogaerts Independent Non-Executive Director
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