Business
New Business Announcement
New Business Announcement.
About this update from Hansard Global Plc
[{"type":"text","content":"\n RNS Number : 4230M Hansard Global plc 29 January 2009 \n \n\n \nHansard Global plc\n\nTrading update and new business results\nfor the six months ended 31 December 2008\n\nHansard Global plc ('Hansard' or 'the Group'), the specialist long-term savings provider, issues a trading update and new business results for the six months ended 31 December 2008.\n\nHighlights\n\n\n\nFirst half IFRS profits marginally ahead of last year, including foreign exchange gains of £2.8 million (2007: £1.4 million)\n\n\nThe Group's financial position remains strong with no debt, and well capitalised at 15.7 times minimum solvency requirements \n\n\nRetention of Assets under Administration is strong. At 31 December 2008 Assets are £1.11 billion, down only 2.1% since 30 June 2008 and up 11.3% since 31 October 2008\n\nResilient new business flows at industry leading margins:\n\n\n\n\nNew business PVNBP for the six months ended 31 December 2008 is £93.0m (2007: £130.5m, a decrease of 28.7%)\n\n\n\nMargins of approximately 7% on PVNBP basis, restrained by new business volumes\n\n\n\n\nPositive operating cash flows, despite continuing financial market uncertainty\n\n\nContinued strengthening of sales management team with five senior appointments since 1 January 2008.\n\n\n\nLeonard Polonsky, Chief Executive of Hansard Global, commented:\n \n'The performance of the Group in the first six months of this financial year remained resilient despite the unprecedented volatility in global market conditions. New business flows have been achieved at industry-leading margins and the Group has continued to generate net positive cash flows from policyholders. The financial position of the Group remains very strong with no borrowings.\nWe expect first half IFRS profits to be marginally ahead of last year. While it remains difficult to forecast accurately at present, Hansard expects that new business flows will continue to be significantly restrained in the short term. Hansard also expects that IFRS and EEV results for the second half will be in line with the underlying profits of the first half. Hansard is confident that its business model and prospects remain strong, expects continued profitability and maintains a positive outlook for a resumption in new business growth in the longer term.'\n\nFor further information \n\nHansard Global&nbs...