Business
Results for the year ended 30 June 2013
Results for the year ended 30 June 2013.
About this update from Hansard Global Plc
[{"type":"text","content":"\n \nRNS Number : 9202O Hansard Global plc 26 September 2013 \n \n\n \n \n \n \nHansard Global plc\nResults for the year ended 30 June 2013\nHansard Global plc (\"Hansard\" or \"the Group\"), the specialist long-term savings provider, issues its results for the year ended 30 June 2013 (\"FY 2013\").\nSummary \n \n\n\n\n\nYear ended 30 June\n\n\n2013\n\n\n2012\n\n\n\n\nRegular premium new business sales (PVNBP)\n\n\n£156.2m\n\n\n£124.4m\n\n\n\n\nSingle premium new business sales (PVNBP)\n\n\n£32.5m\n\n\n£51.3m\n\n\n\n\nNew business margin\n\n\n12.0%\n\n\n9.6%\n\n\n\n\nCash payback on new business\n\n\n2.0 years\n\n\n2.6 years\n\n\n\n\nIFRS profit after tax\n\n\n£10.4m\n\n\n£11.2m\n\n\n\n\nEEV profit / (loss) after tax\n\n\n£17.0m\n\n\n(£13.7m)\n\n\n\n\nOperating cash surplus\n\n\n£41.4m\n\n\n£36.7m\n\n\n\n\nRecommended final dividend per share \n* Subject to approval by shareholders\n\n\n4.75p*\n\n\n8.0p\n\n\n\n\nAs at 30 June\n\n\n2013\n\n\n2012\n\n\n\n\nEuropean Embedded Value\n\n\n£226m\n\n\n£224m\n\n\n\n\nAssets under Administration\n\n\n£1,028m\n\n\n£1,034m\n\n\n\n\n \nNEW BUSINESS\nThe performance of the Group during the financial year demonstrates success from the Group's investment in distribution infrastructure and its focus on regular premium business sourced from growth economies. Regular premium new business flows are at a record level of £156.2m (2012: £124.4m) which has contributed to industry-leading new business margins of 12.0%. Almost 90% of regular premium business has been introduced electronically through Hansard OnLine. \nBased on PVNBP, new business is 7.4% above last year despite reduced single premiums and the closure of Hansard Europe Limited to new business. The initial costs of acquiring this new business have been funded by positive operating cash flows of £41.4m (2012: £36.7m) generated from the existing policy book. \nHANSARD EUROPE LIMITED\nAs previously announced, the Group concluded that it is in its long-term interests to reduce its exposure to Europe and therefore Hansard Europe was closed to new business with effect from 30 June 2013. Plans to achieve an orderly run-off of the company's activities were developed with regulators and stakeholders and approved by the Central Ban...