Record financial results at Just Retirement

Equity release specialist Just Retirement has posted record results for the year ended June 30.

The group generated sales of more than £1 billion for the first time in its history, a year-on-year improvement of 33%. Embedded value grew by 107% to £288.8 million from £139.8 million on June 30, 2009.

Rodney Cook, CEO at Just Retirement, said: “The year to June 2010 will be marked as a period of record breaking effort by Just Retirement and its staff.

“This excellent performance is a testament to the strategy employed by the management in the depths of the recent financial crisis.

“By focusing more on profit and capital preservation than just sales, Just Retirement entered the year to June 2010 in great shape. This allowed the group to make further market gains.”

Mr Cook warned that the outlook for the industry is still difficult but says that he expects the company to report growth in “key metrics” over the next 12 months.