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Monday, 2nd November 2009 Change Date Latest Issue

Standard Life hails record results despite economic woes

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Published Date: 19 May 2008
By MICHAEL BLACKLEY
Business Editor
STANDARD Life enjoyed a "record breaking year" in 2007 despite the current economic climate, its chairman told shareholders today.
Holding his first annual general meeting since being appointed chairman, Gerry Grimstone said that last year was a difficult time for financial markets around the world, and that impacted the Edinburgh-based insurer, which ended the year with a lower
share price than it had started with.

But Mr Grimstone said that the company, and its share price, had performed much better than many of its peers, helped by strong results in March.

"Our excellent financial results in 2007 have helped drive value for our 1.5 million shareholders," he said. "Even in these very difficult markets it was a record-breaking year for our business.

"I have enjoyed my first year as chairman, which has been an eventful one, and I'm looking forward to the opportunities and challenges we face in the future."

The AGM took place in the Edinburgh International Conference Centre and saw Colin Buchan elected to the Board as a non-executive director. He will take over as chairman of Standard Life Investments from Hugh Stevenson, who retired from the Board at today's meeting.

Lord Blackwell, who was appointed as a director in June 2003, will succeed Hugh Stevenson as the senior independent director.



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  • Last Updated: 19 May 2008 2:52 PM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
  • Related Topics: Standard Life
 
1

Johnny Yen,

19/05/2008 14:23:02
Aye what about the underperforming share price and the broken promises for organic growth? EEN the Standard Life PR mouthpiece. Shoddy journalism.
2

,

19/05/2008 15:59:23
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3

Embra boy,

Edinburgh 19/05/2008 16:15:32
#2 Exactly, it's all good news to the shareholders, and all disasterous news to the policyholders. How does that work then?
4

,

19/05/2008 16:32:59
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5

alex paterson,

At the moment in Sevilla 19/05/2008 16:47:09
Standard Life certainly did me no favours,people beware.
6

alex paterson,

At the moment in Sevilla 19/05/2008 17:24:31
I could give you the full story with figures,but it would only make me cry again.
7

Scotty dog,

19/05/2008 18:04:20
The past cannot be rewritten - they're doing reasonably well since the IPO and the share price will recover sooner or later. Definitely a hold
8

Disgruntled Black cab customer,

19/05/2008 18:45:43
Trust me its only a matter of time before the company is sold.
Cost have been severly cut and the ones to suffer are the normal working staff, the executive still manage to take their bonuses and £1.5m pensions.
And this latest bit of news make it even more attractive to buyers.
Shareholders beware.
9

badger464,

19/05/2008 18:52:34
i guess thats what with profits means
10

,

19/05/2008 21:27:15
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11

,

19/05/2008 21:29:29
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12

Flying Upsidedown,

edinburgh 20/05/2008 03:54:09
This article touches on what is wrong in this contry during the present 'credit crunch' while there is less money to go around you can be sure that the big banks like SL, RBS, HBOS etc along with thw huge other companies in the oil, medical and retai sectors are not goung to loose a penny or a cent of their own. Look at profits recently published from BP, Sainsburys etc etc. These companied lost money last time and they did'nt like it one little bit.
Now take our illustrious leader GB and his little puppet AD. Are they going to let more money flow out for the ordinary folk to have a wee cushion against this - no, that would'nt be prudent and anyway we've got two huge vastly expesive wars to fight. [The government could supply three main hospitals and four large schools plus lots of extras every year on the amount they are spending on the war]
No, business abd government learned in the last recession by loosing money and they didnt like it one little bit, they wont loose again, so the only person who can't fight back, the morking wo/man in the street is going to be driven into the ground and relieved of their money on much higher food, gas and electricity, petrol/deisel costs, extortionate bank charges and interest rates and a whole new raft of stealth taxes.
13

Ecto,

London 20/05/2008 09:29:29
Well done Standard Life, what is it about the Scots that mean sucess is bad? The Company was grossly overstaffed when I worked there and needed to cull a few heads to get more profitable which it has done. Standard Life is a sucess story be proud of it! SL employs a whole heap of people in Edinburgh and looks after them well, sucess can only allow this to continue. And no I don't work for the press department!
14

Evan Owen,

Snowdonia 21/05/2008 22:16:23
I hope there is enough straw on the floor to absorb all this male cow effluent...
15

Evan Owen,

Snowdonia 21/05/2008 22:18:59
#13 sounds like he/she works for someone connected with someone who will make money out of an increase in the share price of the Standard Lamp...
Talk it up! OOPS, is that not market abuse or insider dealing? What is the difference?

 

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