Hansard Global PLC - specialist long-term savings provider - Says it is aiming for increased sales and long-term growth as it reports a profit rise despite challenges. Net asset value per share rises 3.8% to 16.2 pence as at December 31, from 15.6p a year prior. Pretax profit climbs 32% to GBP4.1 million in the six months to December 31, from GBP3.1 million a year before. Notably, investment and other operating income jumps 90% to GBP44.3 million from GBP23.3 million. However, costs arising from the change in provisions for investment contract liabilities increase 93% to GBP41.7 million from GBP21.6 million. Looking ahead, Chief Executive Officer Graham Sheward says that despite a challenging environment for investment and long-term savings plans, the company is targeting future new business growth and cost efficiencies.
"Looking forward we are confident that our new product pipeline will lead to increased sales and long-term growth in the business. We expect interest rates will fall slightly from current levels, reducing returns on cash reserves and product margins," the company says.
Current stock price: 49.25p each, closed 1.3% higher on Thursday in London
12-month change: up 3.5%
By Tom Budszus, Alliance News slot editor
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Hansard (HSD)