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LONDON (Alliance News) - Hansard Global PLC on Thursday said it expects its current run-rate of new business levels in its investment products , excluding the one-off investment by its president and founder into one of those products, to continue into the second half of our financial year.
In the first half of its financial year, new business on a like-for-like basis was 64% above the levels of the corresponding six months to December 31 the prior year, measured on a present value of new business premiums basis. The company lifted its interim dividend to 3.6 pence from 3.5p.
Including a GBP8.3 million investment into a company investment product by President and Founder Leonard Polonsky, new business rose by 92%. The Middle East and Africa region continued to be the main source of new business growth, but Hansard is now seeing replication of this success in its Far East and Rest of World regions, the company said.
"It is very pleasing to see the roll-out of our strategy delivering encouraging results, and we expect this trend to continue through the second half of the year. We have a growing, well-diversified business and continue to work hard to deliver on the further opportunities that we have identified," Chief Executive Gordon Marr said.
Profit before and after tax fell to GBP4.9 million in the six months ended December 31, from GBP6.6 million the corresponding half the prior year.
"Most of this reduction is due to lower fee income from Hansard Europe which was closed to new business in 2013. Global stock market declines in the period have also reduced annual management charges earned across the group," the company said.
On an embedded value basis, profit after tax was GBP1.2 million, down from GBP6.6 million. "Both 2016 and 2015 figures are predominantly driven by stock market and foreign exchange market changes," the company said.
Litigation against Hansard Europe has increased by a net GBP1.0 million since the date of release of the company's full-year results, primarily due to additional complainants adding to existing actions. "We have however had some important successes with two cases in Belgium and one case in Italy being ruled fully in our favour (removing GBP1.0 million of exposure)," the company said.
Shares in Hansard were down 1.6% to 107.22 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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