LONDON (Alliance News) - Hansard Global PLC Thursday said new business of Hansard International Ltd in its last financial year is about half of what it was last year, due to the previously disclosed suspension of activities by a large distributor in Japan.
In a statement, the specialist long-term savings provider said new business was GBP83.0 million on a present value basis in the first six months of 2014, compared with GBP172.1 million last year.
"We are confident that, through the implementation of our strategic plan and the introduction of new products, the group will be better placed to deliver increased levels of new business, and diversify our exposure across a range of distributors and countries with an attractively competitive offering. The group is appropriately capitalised to take advantage of the opportunities that we have identified," Chief Executive Gordon Marr said in a statement.
"While initial indications are encouraging, we anticipate new business sales for [the first-quarter of] 2015 will be largely in line with those of [the fourth-quarter of] 2014," Marr added.
Hansard Global also reiterated that it expects to shortly submit its assessment of potential liability in relation to the issue of chargeable events certificates required by UK tax authority HM Revenue & Customs.
In May, Hansard said it had identified weaknesses in the group's procedures in relation to the certificates. Hansard left its estimate of its exposure, including professional costs, at GBP5.0 million.
Results for the year are expected to be announced on September 25.
Hansard Global shares were Thursday flat at 95.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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