Business
Half-yearly Report
Half-yearly Report.
About this update from Chesnara Plc
[{"type":"text","content":"\n \n \n\nChesnara plc - Interim Results for the six months ended 30 June 2011\n\n2.6% increase continues dividend growth at Chesnara\n\n31 August 2011\n\nChesnara today reported interim results for the half-year ended 30 June 2011.\nThe Group remains committed to offering shareholders an attractive long-term\nincome stream arising from the profits of its life assurance businesses.\n\n * Profit (on IFRS basis) before tax for the six months ended 30 June 2011 of\n GBP3.8m, (2010: GBP12.0m)\n * Earnings per share (on IFRS basis) of 2.79p, (2010: 7.71p)\n * On EEV basis pre-tax loss for the half-year of GBP(4.9)m (2010: profit\n GBP6.3m) including modelling adjustments\n * Successful operational integration of Save and Prosper acquisition\n * Continuing positive UK persistency experience and robust cash generation\n * Equity market volatility and falling yield curve impacts results\n * Shareholder equity on EEV basis (pre-proposed interim dividend payment) of\n GBP340.1m - GBP2.96 per share (30 June 2010: GBP255.1m - GBP2.51 per share)\n * Group solvency ratio remains, post dividend, above target at 198% (30 June\n 2010: 330%)\n * In the UK, Countrywide Assured's solvency ratio remains well above target\n at 254% (30 June 2010: 263%) whilst Save and Prosper's ratio at 269% (30\n June 2010: 243%) was also very strong. Movestic's solvency ratio of 189%\n (30 June 2010: 220%) also remains above target\n * 5.95p interim dividend per share proposed (2009: 5.8p), an increase of\n 2.6%\n * Board remains confident about future dividend flows\n * Search for value adding acquisition opportunities continues\n\n* Comparatives for 30 June 2010 exclude Save and Prosper which was acquired on\n20 December 2010\n\nCommenting on the results, Graham Kettleborough, Chief Executive said:\n\n\"Challenging equity and bond markets have given rise to mixed results. However\nthe resilience of our underlying business has again enabled us to deliver \na reliable and progressive dividend stream by proposing a 2.6% increase \nin the interim dividend to 5.95p per share.\"\n\nThe Board approved this statement on 30 August 2011.\n\nEnquiries:\n\nGraham Kettleborough Chief Executive,\nChesnara plc 07799 407519\n\nMichael Henman \nCubitt Consulting 0207 367 5100\n\nNotes to editors:\n\nChesnara plc, which listed on the London Stock Exchange in May 2004, is the\nowne...