(Alliance News) - Hansard Global PLC on Thursday said its full-year profit rose by half as it maintained its dividend for the year.
The specialist long-term savings provider reported that pretax profit rose 55% to GBP5.9 million in the year ended June 30, from GBP3.8 million the year prior. It said the increase was driven by higher investment returns due to central bank interest rate rises, as well as lower administration costs.
The firm noted litigation defence costs of GBP200,000 during the period.
The firm said it swung to total income of GBP91.7 million, from a loss of GBP53.7 million in financial 2022.
It noted that the change was driven by a swing to investment income of GBP44.5 million, from a loss of GBP103.5 million the year prior, while fees & commission income and other operating income both also increased.
The firm maintained its final dividend at 2.65 pence per share, also keeping its total dividend at 4.45p per share.
Looking forward, the company said it continues to make progress in its Japanese operations. It added that it is operationally ready to launch its new investment product in Japan.
Chief Executive Graham Sheward said: "Our results for the 2023 financial year demonstrate a marked improvement in the profitability of the business reflecting additional investment revenue opportunities arising from higher interest rates, and continued discipline with respect to management expenses. As the group has no external debt, there are no additional interest costs."
"While 2023 was another challenging year for new business, we continue to work hard to improve sales through new product development and new broker relationships."
"Our key strategic initiatives - our new Japanese proposition and our new policy administration system - continue to make good progress," Sheward added.
Hansard shares rose 10% to 45.90p each on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Hansard (HSD)