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LONDON (Alliance News) - Hansard Global PLC on Thursday said it registered a double-digit fall in profit in the first half of its current financial year due to lower fee income from its European unit.
The long-term savings provider reported a 14% decline in pretax profit to GBP3.0 million for the six months to the end of December 2018 from GBP3.5 million a year prior.
The primary driver of this reduction relates to the company's European subsidiary, it said, where fee income continued to decrease during the period. In addition, significant legal costs were incurred in defending litigation related to illiquid or failed investment funds.
Hansard declared an interim payout of 1.8 pence a share, unchanged year-on-year.
"While our financial results have been impacted by defending our legal position in Europe, we remain confident in the future of our international business," said Chief Executive Gordon Marr.
The stock was trading 1.4% higher on Thursday at 44.65p a share.
Hansard intends to publish a trading update on May 9.