Business
Interim Results - Replacement
Interim Results - Replacement.
About this update from Hansard Global Plc
[{"type":"text","content":"\n RNS Number : 9526N Hansard Global plc 26 February 2009 \n Replacement of RNS Number 9014N\nHansard Global plc\n\nResults for the six months ended 31 December 2008\n\nHansard Global plc ('Hansard' or 'the Group'), the specialist long-term savings provider, issues its results for the six months ended 31 December 2008. In unprecedented market conditions the Group has achieved a resilient profit performance during the six-month period, with positive cash flows underpinning dividend payment capability. The EEV has increased by 10.2% to £267.9 million at 31 December.\n\nHighlights\n\n\n\nIFRS profit after tax up 0.8% to £12.7 million (31 December 2007: £12.6 million)\n\n\nIFRS earnings per share up 1.1% to 9.3 pence (2007: 9.2 pence)\n\n\nInterim dividend per share increased by 5% to 5.25 pence (April 2008: 5.0 pence)\n\n\nAssets under Administration resilient at £1.09 billion, down 4.4% from £1.14bn at 30 June 2008. (31 December 2007: £1.22 billion)\n\n\nStrong cash flows and liquid assets of £73.2 million (30 June 2008: £69.7 million) with no borrowings\n\n\nEEV profit after tax up 20.3% to £34.4 million (2007: £28.6 million)\n\n\nEEV at 31 December of £267.9 million, up 10.2% from £243.1 million at 30 June 2008\n\n\nNew business premiums of £93.0 million on PVNBP basis (2007: £130.5 million)\n\n\nIndustry-leading new business margins of 7.0% on PVNBP basis\n\n\nLeonard Polonsky, Chief Executive of Hansard Global, commented:\n\n'Performance in the six months to 31 December 2008 underlined the resilience of the Hansard business model. In unprecedented financial market conditions, we increased pre-tax IFRS profits by 3% to £13.1m and have continued to generate positive operating cash flows. The financial position of the Group remains very strong with no borrowings.\n\nThe Group's confidence in its future prospects is reflected in the Board's decision to increase the interim dividend by 5% to 5.25 pence per share.\n\nEEV at 31 December 2008 is £267.9m, 10% ahead of the EEV at 30 June 2008. The Group's EEV has increased despite reductions in EEV operating profit caused by restrained new business flows, and the payment of a dividend of £9.6m in November 2008.\n\nThe volatility in global stock markets and deteriorating economic indicators have led to the most challenging environment for the wealth managem...