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LONDON (Alliance News) - Hansard Global PLC Thursday said its products are attracting greater interest in North Asia, the Middle East and Africa, which has been "reflected" in new business issued in the fourth quarter of its financial year and is expected to continue, though figures for the first nine months of the financial year were depressed.
The savings product provider said there was a "greater level of new business sales" in April than in recent months, following the launch of its new personal portfolio products in March.
"We have completed the upgrade of all the group's products and, with the benefit of new relationships with significant distribution networks, we have recently seen encouraging trends of improved new business flows," Chief Executive Gordon Marr said in a statement.
"We are confident that our new products will deliver increased levels of profitable new business, and diversify our exposure across a range of distributors and countries," Marr added.
Hansard Global said new business in the first nine months of its financial year was lower as the prior year's figures included a significant contribution from a Japanese distributor of Hansard products, which then stop its new business activities for Hansard in October 2013.
The company said it traded profitably in the first nine months of the year and generated "strong" cash flows.
Present value of new business premiums amounted to GBP40.8 million in the nine months ended March 31, compared with GBP72.1 million in the corresponding period of the prior year, which included the GBP10.9 million contribution from the Japanese distributor.
Assets under administration fell to 935.8 million at the end of March from GBP961.3 million at the same stage of the prior year.
Hansard Global shares were up 3.4% at 92.00 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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