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(Alliance News) - Hansard Global PLC on Thursday reported a full-year fall in profit and fees & commissions income but new business sales rose.
In the year ended June 30, the long-term savings provider's pretax profit shrunk by a third year-on-year to GBP4.6 million from GBP6.9 million.
Fees and commissions income was down 7.2% to GBP43.8 million from GBP47.2 million last year.
Helped by a "successful strategic relationship" in the United Arab Emirates, new business sales rose by 6.3% year-on-year to GBP155.9 million from GBP146.6 million, on a present value of new business premiums basis.
Assets under administration rose by 4.2% to GBP1.08 billion from GBP1.04 billion.
Administrative expenses rose by 5.4% to GBP23.3 million from GBP22.1 million and the company incurred GBP1.5 million in litigation costs and one-off expenses, down 12% from GBP1.7 million.
The litigation defence and settlement costs relate to Hansard defending its European unit against writs taken against it.
Hansard said: "As at June 30, the group had been served with cumulative writs with a net exposure totalling EUR21.7 million, or GBP19.4 million in sterling terms arising from contract holder complaints and other asset performance-related issues."
Hansard held its final dividend of 2.65 pence per share, taking its total annual payout to 4.45p, flat year-on-year.
Non-executives Maurice Dyson and Andy Frepp will not be seeking re-election at the company's annual general meeting on November 6.
Turning to the 2020 financial year, Hansard said it expects to report year-on-year growth in the first quarter.
Chief Executive Gordon Marr said: "Our 2019 results reflect a year of change as we have refocused the business to deliver future growth. In June 2019 we were granted our Japanese investment management licence, enabling us to operate in this key market. This was a major milestone and the culmination of a number of years of hard work.
"We also successfully launched our new insurance subsidiary, Hansard Worldwide Limited and streamlined the number of markets that we operate in and the distributors we use. Together with a major IT project to replace our back-office administration systems and a focus on cost efficiencies, we believe this offers a strong base to improve the profitability of the business in the coming years."
Shares in Hansard were 8.0% higher at 41.70p each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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