Announcement • Apr 28
Conduit Holdings Limited to Report Q1, 2026 Results on May 13, 2026 Conduit Holdings Limited announced that they will report Q1, 2026 results at 6:00 AM, Coordinated Universal Time on May 13, 2026 Announcement • Apr 10
Conduit Holdings Limited, Annual General Meeting, May 13, 2026 Conduit Holdings Limited, Annual General Meeting, May 13, 2026. Location: chls offices, ideation house, 94 pitts bay road, pembroke, hm08, Bermuda Announcement • Mar 28
Conduit Holdings Limited Announces Board and Board Committee Appointments, Effective March 26, 2026 Conduit Holdings Limited announced the appointments of Richard Lightowler, Peter Mullen, and Penny Shaw as Non-Executive Directors with effect from March 26, 2026. Richard and Penny will serve on Conduit's Audit and Remuneration Committees. Peter will serve on Conduit's Remuneration Committee. Richard Lightowler brings extensive leadership and technical expertise from more than three decades in the (re)insurance and professional services industries to his appointment. Richard spent nearly 20 years as a Partner at KPMG Audit Limited in Bermuda, during which time his leadership roles included Head of the Bermuda Insurance Group, membership of the firm's Global Insurance Leadership Team, and Global Lead Partner for large international insurance groups listed in New York and London. Throughout his career, Richard has developed deep experience across audit, capital markets transactions, and merger and acquisition due diligence. He has expertise in regulation, governance, risk management and operating model design. Richard currently serves as a non-executive director of Oakley Capital Investments Limited and Hansa Investment Company Limited. Peter Mullen is a senior insurance executive with over 40 years of experience across (re)insurance and alternative risk management. Peter's distinguished career includes serving as Chief Executive Officer of both Artex Risk Solutions and Aon's Captive and Insurance Management business. A founding member of Artex Risk Solutions, Peter played a central role in building the platform into a global leader in alternative risk and capital. Peter has led complex insurance and alternative market operations across more than 20 jurisdictions and brings deep expertise in marketing, distribution, governance, enterprise risk management, mergers and acquisitions, and operational transformation. Peter currently serves as a non-executive director of Artex Risk Solutions and as an executive committee member of Gallagher Specialty. Penny Shaw is an experienced non-executive director and a qualified actuary with over 30 years of experience across the London Market, US and international commercial (re)insurance markets. She has held several senior executive roles, most recently as Group Chief Risk Officer at Hanover Insurance Group, where she also served as Board Director and Chief Risk Officer of its then subsidiary, Chaucer Group. Prior to this, Penny's roles have included Group Chief Risk Officer at Hiscox Group, Head of Risk at Chubb European Group and Joint Head of Capital at Chubb Group. Penny has extensive experience across actuarial, capital modelling and exposure management disciplines, and in risk, underwriting, compliance, legal and regulatory engagement. Penny currently serves as a non-executive director of AIG UK Limited, Assured Guaranty UK Limited, Assured Guaranty (Europe) SA, Zurich Assurance Ltd, and Catalina Worthing Insurance Limited (Chair). Upcoming Dividend • Mar 12
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 16 April 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (4.8%). Announcement • Mar 12
Conduit Holdings Limited Announces Death of Non-Executive Director Stephen Redmond on March 7, 2026 Conduit Holdings Limited has learned with profound sadness of the death of Stephen Redmond, a Non-Executive Director of the Company. Mr. Redmond died on March 7, 2026. New Risk • Mar 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Feb 25
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$711.8m to US$765.7m. EPS estimate increased from US$0.804 to US$0.889 per share. Net income forecast to grow 15% next year vs 7.4% decline forecast for Insurance industry in the United Kingdom. Consensus price target up from UK£4.90 to UK£5.02. Share price rose 13% to UK£4.30 over the past week. Reported Earnings • Feb 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$0.75 (down from US$0.80 in FY 2024). Revenue: US$820.3m (up 8.6% from FY 2024). Net income: US$116.8m (down 7.0% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Conduit Holdings Limited Announces Board Changes Conduit Holdings Limited announced the appointment of Nicholas Shott as Chair of the Board with effect from February 13, 2026. He has also been appointed Chair of the Nomination Committee, succeeding Ken Randall. Nicholas was appointed to the Conduit Holdings Board in November 2025 and has served on the Nomination and Remuneration Committees. Rebecca Shelley will resume her role as Senior Independent Director, also succeeding Ken Randall in that capacity, and will continue to serve as Chair of the Remuneration Committee. Elizabeth Murphy will step down and retire from the Board prior to the 2026 AGM in May as part of normal Board-succession planning, entering her sixth year of service. The recruitment process for her successor has been underway for some time and is nearing conclusion. Announcement • Jan 30
Conduit Holdings Limited to Report Fiscal Year 2025 Results on Feb 18, 2026 Conduit Holdings Limited announced that they will report fiscal year 2025 results at 7:00 AM, Coordinated Universal Time on Feb 18, 2026 Major Estimate Revision • Dec 19
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$0.485 to US$0.564. Revenue forecast steady at US$812.7m. Net income forecast to grow 681% next year vs 4.1% growth forecast for Insurance industry in the United Kingdom. Consensus price target broadly unchanged at UK£4.77. Share price rose 5.1% to UK£3.82 over the past week. Major Estimate Revision • Nov 13
Consensus EPS estimates increase by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$780.4m to US$809.7m. EPS estimate increased from US$0.35 to US$0.459 per share. Net income forecast to grow 623% next year vs 4.1% growth forecast for Insurance industry in the United Kingdom. Consensus price target down from UK£5.15 to UK£4.73. Share price was steady at UK£3.41 over the past week. Announcement • Sep 17
Richard Bernstein Discloses his Views on Conduit Holdings On September 16, 2025, Richard Bernstein announced that a sale of Conduit Holdings Limited is "almost inevitable," urging CEO Neil Eckert to deliver results and consider a sale. Richard Bernstein has taken a small stake in the Company and has broad support from other shareholders for his position. New Risk • Aug 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (404% payout ratio). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Declared Dividend • Aug 01
First half dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 14th August 2025 Payment date: 11th September 2025 Dividend yield will be 10%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is not covered by earnings (404% earnings payout ratio). However, it is well covered by cash flows (16% cash payout ratio). The dividend has remained flat since 4 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 349% to bring the payout ratio under control. EPS is expected to grow by 127% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Jul 31
First half 2025 earnings released: US$0.09 loss per share (vs US$0.62 profit in 1H 2024) First half 2025 results: US$0.09 loss per share (down from US$0.62 profit in 1H 2024). Revenue: US$402.8m (up 13% from 1H 2024). Net loss: US$13.5m (down 114% from profit in 1H 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jul 31
Conduit Holdings Limited Declares an Interim Dividend , Payable on September 11, 2025 On 29 July 2025 Conduit Holdings Limited declared an interim dividend of $0.18 (approximately 13 pence) per Common Share, resulting in an aggregate payment of $29.7 million. The dividend will be paid in pounds sterling on 11 September 2025 to shareholders of record on 15 August 2025 (the Record Date) using the pound sterling/US dollar spot exchange rate at 12 noon BST on the Record Date. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to UK£3.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Insurance industry in the United Kingdom. Total returns to shareholders of 7.3% over the past three years. Announcement • May 14
Conduit Holdings Limited (LSE:CRE) announces an Equity Buyback for $50 million worth of its shares. Conduit Holdings Limited (LSE:CRE) announces a share repurchase program. Under the program, the company will repurchase up to $50 million worth of its shares. The repurchases will be funded from company's existing cash resources. Announcement • Apr 22
Conduit Holdings Limited Announces Chief Underwriting Officer Changes Conduit Holdings Limited announced the appointment of Nick Pritchard as interim chief underwriting officer effective April 22, 2025 following the decision by Gregory Roberts to leave Conduit and return to the United Kingdom for personal reasons. Nick joined Conduit in September 2024 and has more than 20 years of industry experience in the Bermuda and London markets, with a background in leading underwriting teams and structuring portfolios of risk and retrocessional programmes. Before joining Conduit, Nick most recently served as Managing Director at Aon Bermuda. Prior to this Nick was responsible for the property catastrophe portfolio at Vantage Risk, following roles earlier in his career at Validus Re and Neon. Nick's appointment is subject to Bermuda immigration approval. Recent Insider Transactions • Apr 14
Insider recently bought UK£166k worth of stock On the 8th of April, Trevor Carvey bought around 50k shares on-market at roughly UK£3.32 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth UK£238k. Insiders have collectively bought UK£1.2m more in shares than they have sold in the last 12 months. Announcement • Apr 11
Conduit Holdings Limited, Annual General Meeting, May 14, 2025 Conduit Holdings Limited, Annual General Meeting, May 14, 2025. Location: chls offices, 2nd floor, ideation house, 94 pitts bay road, pembroke, hm08, Bermuda Recent Insider Transactions • Apr 04
Executive Director & CEO recently bought UK£238k worth of stock On the 1st of April, Trevor Carvey bought around 70k shares on-market at roughly UK£3.40 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Trevor has been a buyer over the last 12 months, purchasing a net total of UK£667k worth in shares. New Risk • Mar 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 17% Last year net profit margin: 32% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (17% net profit margin). Significant insider selling over the past 3 months (UK£192k sold). Upcoming Dividend • Mar 13
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 17 April 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (5.5%). Major Estimate Revision • Mar 10
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$876.8m to US$854.9m. EPS estimate also fell from US$0.879 per share to US$0.764 per share. Net income forecast to shrink 41% next year vs 29% growth forecast for Insurance industry in the United Kingdom . Consensus price target broadly unchanged at UK£5.84. Share price was steady at UK£3.97 over the past week. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$0.918 to US$0.804. Revenue forecast unchanged from US$895.0m at last update. Net income forecast to shrink 41% next year vs 29% growth forecast for Insurance industry in the United Kingdom . Consensus price target down from UK£6.19 to UK£5.86. Share price was steady at UK£3.94 over the past week. Recent Insider Transactions • Feb 25
Executive Director & CEO recently bought UK£117k worth of stock On the 21st of February, Trevor Carvey bought around 30k shares on-market at roughly UK£3.90 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Trevor has been a buyer over the last 12 months, purchasing a net total of UK£619k worth in shares. Declared Dividend • Feb 21
First half dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 20th March 2025 Payment date: 17th April 2025 Dividend yield will be 8.3%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has remained flat since 4 years ago. However, payments have been volatile during that time. EPS is expected to grow by 5.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jan 30
Conduit Holdings Limited to Report Fiscal Year 2024 Results on Feb 19, 2025 Conduit Holdings Limited announced that they will report fiscal year 2024 results at 7:00 AM, Coordinated Universal Time on Feb 19, 2025 Recent Insider Transactions • Nov 10
Executive Director & CFO recently bought UK£197k worth of stock On the 7th of November, Elaine Whelan bought around 42k shares on-market at roughly UK£4.75 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Elaine's only on-market trade for the last 12 months. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$1.25 to US$0.99 per share. Revenue forecast steady at US$849.0m. Net income forecast to shrink 12% next year vs 20% growth forecast for Insurance industry in the United Kingdom . Consensus price target broadly unchanged at UK£6.68. Share price fell 9.5% to UK£4.77 over the past week. Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$1.25 to US$1.11. Revenue forecast unchanged from US$852.2m at last update. Net income forecast to grow 2.1% next year vs 20% growth forecast for Insurance industry in the United Kingdom. Consensus price target broadly unchanged at UK£6.87. Share price fell 7.4% to UK£4.80 over the past week. Reported Earnings • Aug 05
First half 2024 earnings: EPS and revenues exceed analyst expectations First half 2024 results: EPS: US$0.62 (up from US$0.49 in 1H 2023). Revenue: US$356.5m (up 40% from 1H 2023). Net income: US$98.1m (up 25% from 1H 2023). Profit margin: 28% (down from 31% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Insurance industry in the United Kingdom. Declared Dividend • Aug 02
First half dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 15th August 2024 Payment date: 5th September 2024 Dividend yield will be 6.2%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has remained flat since 3 years ago. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Major Estimate Revision • Jul 31
Consensus revenue estimates increase by 27% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$716.0m to US$906.9m. EPS estimate increased from US$1.14 to US$1.31 per share. Net income forecast to grow 10% next year vs 7.5% growth forecast for Insurance industry in the United Kingdom. Consensus price target broadly unchanged at UK£6.75. Share price rose 3.8% to UK£5.23 over the past week. Announcement • Jul 31
Conduit Holdings Limited Declares Interim Dividend, Payable on 5 September 2024 On 30 July 2024, Conduit's Board of Directors declared an interim dividend of $0.18 (approximately 14 pence) per common share, resulting in an aggregate payment of $29.7 million. The dividend will be paid in pounds sterling on 5 September 2024 to shareholders of record on 16 August 2024 (the Record Date) using the pound sterling /US dollar spot exchange rate at 12 noon BST on the Record Date. Announcement • May 22
Conduit Holdings Limited to Report Q2, 2024 Results on Jul 31, 2024 Conduit Holdings Limited announced that they will report Q2, 2024 results on Jul 31, 2024 Announcement • May 16
Conduit Holdings Limited Announces Directorate Changes Conduit Holdings Limited announced the appointment of Stephen Redmond as a non-executive director with effect from 14 May 2024. Stephen brings extensive insurance and reinsurance experience to the Board. Stephen was Managing Director of Antares Managing Agency Limited, and Active Underwriter of Antares Syndicate 1274. Prior to his career at Lloyd's, Stephen held numerous leadership positions in the London market, at General Accident, Eagle Star, and Württembergische Versicherung AG, where he was Managing Director. Stephen is FCII qualified, and has held the roles of Chairman of The Institute of London Underwriters, and of the Joint Hull Committee. During his career Stephen has also been a member of numerous London Market Committees. Stephen currently serves as a non-executive director of Asta Managing Agency Ltd. where he is a member of the risk, audit, and remuneration committees. As previously reported, Sir. Brian Williamson has now stepped down as a non-executive Director. Sir Brian's departure is in line with CHL's board succession plan. It follows the addition of Rebecca Shelley and Stephen Redmond as non-executive Directors. Rebecca has replaced Sir Brian as Chair of CHL's Remuneration Committee. Recent Insider Transactions Derivative • Mar 27
Executive Director & CEO exercised options to buy UK£319k worth of stock. On the 25th of March, Trevor Carvey exercised options to buy 63k shares at a strike price of around UK£3.87, costing a total of UK£245k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since March 2023, Trevor's direct individual holding has increased from 365.71k shares to 442.71k. Company insiders have collectively bought UK£1.5m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Mar 14
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (4.9%). Announcement • Mar 04
Conduit Holdings Limited, Annual General Meeting, May 15, 2024 Conduit Holdings Limited, Annual General Meeting, May 15, 2024. Reported Earnings • Feb 22
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$1.19 (up from US$0.55 loss in FY 2022). Revenue: US$221.4m (down 49% from FY 2022). Net income: US$190.8m (up US$280.5m from FY 2022). Profit margin: 86% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 29
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$0.887 to US$1.02. Revenue forecast unchanged at US$554.8m. Net income forecast to grow 504% next year vs 149% growth forecast for Insurance industry in the United Kingdom. Consensus price target up from UK£6.04 to UK£6.25. Share price was steady at UK£4.65 over the past week. Announcement • Jan 25
Conduit Holdings Limited to Report Fiscal Year 2023 Results on Feb 21, 2024 Conduit Holdings Limited announced that they will report fiscal year 2023 results on Feb 21, 2024 Announcement • Nov 10
Conduit Holdings Limited Announces Directorate Change Conduit Holdings Limited announced that Dr. Richard Sandor has stepped down as a non-executive Director with immediate effect. This marks Dr. Sandor's completion of a full three year term as a non-executive Director of CHL and is in line with CHL's board succession plan. It follows the recent addition of Rebecca Shelley as a non-executive Director. Upcoming Dividend • Aug 10
Upcoming dividend of US$0.18 per share at 5.9% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.9%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (4.8%). Announcement • Jul 27
Conduit Holdings Limited Declares an Interim Dividend, Payable on September 8, 2023 Conduit Holdings Limited announced that on 25 July 2023, Board of Directors declared an interim dividend of $0.18 (approximately 14 pence) per common share, resulting in an aggregate payment of $29.7 million. The dividend will be paid in pounds sterling on 8 September 2023 to shareholders of record on 18 August 2023 (the "Record Date") using the pound sterling /US dollar spot exchange rate at 12 noon BST on the Record Date. Reported Earnings • Jul 27
First half 2023 earnings released: EPS: US$0.49 (vs US$0.37 loss in 1H 2022) First half 2023 results: EPS: US$0.49 (up from US$0.37 loss in 1H 2022). Revenue: US$255.3m (up 60% from 1H 2022). Net income: US$78.6m (up US$140.0m from 1H 2022). Profit margin: 31% (up from net loss in 1H 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 39% growth forecast for the Insurance industry in the United Kingdom. Recent Insider Transactions • May 22
Executive Director & CEO recently bought UK£60k worth of stock On the 18th of May, Trevor Carvey bought around 12k shares on-market at roughly UK£5.03 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Trevor has been a buyer over the last 12 months, purchasing a net total of UK£411k worth in shares. Recent Insider Transactions Derivative • Mar 30
Executive Director & CEO exercised options to buy UK£242k worth of stock. On the 25th of March, Trevor Carvey exercised options to buy 50k shares at a strike price of around UK£3.64, costing a total of UK£182k. This transaction amounted to 16% of their direct individual holding at the time of the trade. Since June 2022, Trevor's direct individual holding has increased from 249.04k shares to 305.63k. Company insiders have collectively bought UK£1.4m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Mar 16
Upcoming dividend of US$0.18 per share at 6.2% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 21 April 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 6.2%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (4.8%). Recent Insider Transactions • Mar 10
Executive Director & CEO recently bought UK£51k worth of stock On the 7th of March, Trevor Carvey bought around 10k shares on-market at roughly UK£5.07 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Trevor has been a buyer over the last 12 months, purchasing a net total of UK£452k worth in shares. Reported Earnings • Feb 23
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: US$0.55 loss per share (further deteriorated from US$0.25 loss in FY 2021). Revenue: US$429.5m (up 125% from FY 2021). Net loss: US$89.7m (loss widened 114% from FY 2021). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Insurance industry in the United Kingdom. Board Change • Dec 31
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Executive Chairman Neil Eckert is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Aug 11
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 09 September 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 8.6%. Within top quartile of British dividend payers (5.1%). Higher than average of industry peers (4.8%). Breakeven Date Change • Jul 28
Forecast breakeven date pushed back to 2023 The 6 analysts covering Conduit Holdings previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 97% to 2022. The company is expected to make a profit of US$130.2m in 2023. Average annual earnings growth of 49% is required to achieve expected profit on schedule. Recent Insider Transactions • Jun 09
Executive Director & CEO recently bought UK£96k worth of stock On the 6th of June, Trevor Carvey bought around 28k shares on-market at roughly UK£3.48 per share. In the last 3 months, they made an even bigger purchase worth UK£150k. Trevor has been a buyer over the last 12 months, purchasing a net total of UK£246k worth in shares. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.25 loss per share (down from US$0.11 loss in FY 2020). Revenue: US$191.1m (up US$190.7m from FY 2020). Net loss: US$42.0m (loss widened 128% from FY 2020). Combined ratio: 119.4% (up from in FY 2020). Revenue exceeded analyst estimates by 50%. Earnings per share (EPS) also surpassed analyst estimates by 80%. Over the next year, revenue is forecast to grow 145%, compared to a 139% growth forecast for the insurance industry in the United Kingdom. Recent Insider Transactions • Mar 22
Executive Director & CEO recently bought UK£150k worth of stock On the 15th of March, Trevor Carvey bought around 42k shares on-market at roughly UK£3.61 per share. This was the largest purchase by an insider in the last 3 months. This was Trevor's only on-market trade for the last 12 months. Upcoming Dividend • Mar 17
Upcoming dividend of US$0.18 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 22 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 7.8%. Within top quartile of British dividend payers (4.7%). Higher than average of industry peers (4.6%). Recent Insider Transactions • Mar 09
Executive Director & CFO recently bought UK£99k worth of stock On the 4th of March, Elaine Whelan bought around 27k shares on-market at roughly UK£3.71 per share. This was the largest purchase by an insider in the last 3 months. Elaine has been a buyer over the last 12 months, purchasing a net total of UK£296k worth in shares. Breakeven Date Change • Dec 10
Forecast breakeven date pushed back to 2022 The 5 analysts covering Conduit Holdings previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 46% to 2021. The company is expected to make a profit of US$97.3m in 2022. Average annual earnings growth of 45% is required to achieve expected profit on schedule. Recent Insider Transactions • Dec 05
Executive Director & CFO recently bought UK£99k worth of stock On the 26th of November, Elaine Whelan bought around 24k shares on-market at roughly UK£4.13 per share. In the last 3 months, there was an even bigger purchase from another insider worth UK£306k. Elaine has been a buyer over the last 12 months, purchasing a net total of UK£297k worth in shares. Recent Insider Transactions • Nov 04
Executive Director & CFO recently bought UK£98k worth of stock On the 3rd of November, Elaine Whelan bought around 22k shares on-market at roughly UK£4.44 per share. This was the largest purchase by an insider in the last 3 months. Elaine has been a buyer over the last 12 months, purchasing a net total of UK£197k worth in shares. 
