LONDON (Alliance News) - Hansard Global PLC Friday said it has traded profitably in the first three months of its fiscal year, but increased expenditure means profit will be around 10% lower than last year.
The savings provider said it has agreed deals with independent financial advisors in its target markets in Asia and the Middle East, but new business in the three months to September 30 is down approximately 30% from the end of the previous quarter as the company invests in Hansard OnLine, distribution and other infrastructure as part of its shift in strategy.
The company said its European Embedded Value, a measure of profitability in the investment industry, increased marginally from GBP203.8 million at end-June as investment returns offset an EEV operating loss from negative new business contributions.
The company added that present value of new business premiums fell to GBP13.8 million in the quarter from GBP23.6 million a year earlier.
In morning trade, the company's shares were up 3.3% at 95.07 pence.
By Ian Edmondson; ianedmondson@alliancenews.com
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Hansard (HSD)