Business
Half-year Report
Half-year Report.
About this update from Hansard Global Plc
[{"type":"text","content":"\n \nRNS Number : 6073X Hansard Global plc 23 February 2017 \n\n \n23 February 2017\n \n \nHansard Global plc\nResults for the six months ended 31 December 2016\nHansard Global plc (\"Hansard\" or \"the Group\"), the specialist long-term savings provider, issues its results for the six months ended 31 December 2016. All figures refer to the six months ended 31 December 2016 (\"H1 2017\"), except where indicated. \nSUMMARY\n\n\n\n\n· \n\n\nAs announced in our January new business announcement, new business levels were £74.9m for H1 2017 on a Present Value of New Business Premiums (\"PVNBP\") basis, up 33% from H1 2016; \n\n\n\n\n· \n\n\nIFRS profits were £4.4m for the period, down from £4.9m in H1 2016. Profits were reduced by a £0.7m provision made for potentially irrecoverable balances due from a broker;\n\n\n\n\n· \n\n\nEEV profit after tax was £8.5m (H1 2016: £1.2m) as EEV continued to benefit from favourable stock market and foreign exchange gains. New business margin has improved to 1.3% positive for H1 2017 (H1 2016: 0.4% negative);\n\n\n\n\n \n\n\n\n\n· \n\n\nAssets under administration have increased since 30 June 2016 by £78m or 8% to £1 billion;\n\n\n\n\n· \n\n\nAs announced in our January new business announcement, we have signed a strategic alliance with Union Insurance Company PSC (\"Union Insurance\") to enable growth in the United Arab Emirates (\"UAE\"). This proposition was launched at an event in Dubai on 8 February 2017;\n\n\n\n\n· \n\n\nThe Board has declared an unchanged interim dividend of 3.6p per share. Whilst the Board also expects to maintain its final dividend for H2 2017 at the same level as in 2016 (5.3p per share), looking further forward, the Group's new business growth will require additional cash resources before we see the returns from this investment. The Board has therefore decided that, from H1 2018, it will be necessary to implement a reduction of 50% in the level of the dividend.\n\n\n\n\n \n\n\n\n\n \n\n\nH1 2017\n\n\n H1 2016\n\n\n\n\nNew business sales - PVNBP\nIFRS profit after tax\n\n\n£74.9m\n£4.4m\n\n\n£56.4m\n£4.9m\n\n\n\n\nEEV profit after tax\n\n\n£8.5m\n\n\n£1.2m\n\n\n\n\nIFRS basic earnings ...