Just Group doubles profit growth target after record year

Just Group jumps after profit target doubled on strong demand and record year.

Financial services firm for retirees, Just Group (LSE: JUST), has significantly exceeded expectations and brought forward its profit growth target after a year of strong demand.

The firm swung to an annual profit in 2023, driven by a 47% rise in underlying operating profit to £377 million. This impressive performance was backed by a 17% increase in insurance revenue and a shift from a net investment loss in 2022 to a substantial gain in 2023.

Just Group CEO David Richardson hailed 2023 as a record year and expressed confidence that the company will surpass its medium-term goals. As a result, Just Group has doubled its profit growth target, aiming to achieve this ambitious goal in three years instead of the originally planned five.

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This bullish outlook is backed by the company’s dividend increase, with a final dividend of 1.50 pence per share declared, up 15% year-on-year. The company also forecasts that next year’s profit will be at least double what it reported in 2021.

Just Group shares reacted positively to the news, rising 6.7% on Friday morning. The stock is currently up 12% for the year so far.