Over the past two years, most of Windsor's profits growth has been linked to premiums for professional indemnity cover and little from corporate insurance broking. Following management changes, and a focus on higher-margin business, that trend may start to change this year. Chairman David Low has recently sold 2.5m shares for just over £1m and his remaining stake is worth nearly £2m. Broker Peel Hunt forecasts 2003-04 turnover of £20.22m, profits of £4.4m, earnings of 5.1p and a 1.60p dividend.
| Ord price: 433/4p | Market value: £23.6m |
|---|---|
| Touch: 43-441/2p | 12-month High: 48p Low: 313/4p |
| Dividend yield: 3.3% | PE ratio: 9 |
| Net asset value: 13p |
| Year to | Revenue | Pre-tax | Stated earnings | Net dividend |
|---|---|---|---|---|
| 30 Sep | (£m) | profit (£m) | per share (p) | per share (p) |
| 2002 | 18.2 | 3.35 | 2.62 | 1.30 |
| 2003 | 19.0 | 4.04 | 4.84 | 1.45 |
| % change | +5 | +21 | +85 | +12 |
