Personal Group warns of future impact to trading from Brexit

Employee services outfit Personal Group expects full-year results to be broadly in line with City expectations but warned that tough market conditions as a result of uncertainties surrounding the UK's withdrawal from the EU would likely hamper growth moving forward.

Personal continued to witness some solid progress across its three business segments - employee insurance, salary sacrifice and employee communications, with overall trading ahead of 2017 despite new insurance sales being delayed on the back of new data protection legislation.

The AIM-listed firm also touched on a data security issue stemming from a third-party supplier that hindered client relationships and led to an accelerated rationalisation of its supply chain.

Despite forcing an increased and early investment, Personal said the breach had brought forward benefits of reduced supply chain risks and improved clients’ perception of its offerings.

Chief executive Mark Scanlon said: "Despite challenges in 2018 the Company has traded broadly in line with expectations.

"While the current economic and political conditions inevitably bring a greater level of business uncertainty, which we have seen evidenced through slower decision making on the part of our customers, the board remains cautiously optimistic that we can continue to progress our business in the year ahead."

As of 1030 GMT, Personal shares had sunk 8.15% to 417.90p.