Hansard Global, the Isle of Man-based international financial services company, released its half-yearly results today.
The results, for the six months to 31 December 2017, show a drop in profits to £3.5m for the period, down from £4.4m in the second half of 2016. The LSE-listed company has attributed the fall in profits were reduced by lower income in Hansard Europe, increased litigation defence costs and unforeseen foreign exchange fluctuations.
New business levels for the Group were £77.1m for the second half of 2017 on a Present Value of New Business Premiums basis, up 3% on the same period in 2016.
EEV profit after tax was £3.9m (second half 2016 was £8.5m) as significant foreign exchange gains of 2016 were not repeated.
New business margin was marginally positive at 0.1% for 2H2017 (down from 1.3% in 2H2016), affected by increased acquisition expenses and business mix.
Assets under administration have increased since 30 June 2017 by £37m or 3.5% to £1.09bn. The Board has declared an interim dividend of 1.8p per share (H1 2017: 3.6p), in line with previous guidance.
Gordon Marr, the group’s CEO, said of the results: “Hansard has continued to grow new business levels in the first half of this financial year and we are very pleased with the strong increases in sales achieved in our Latin America and Rest of the World regions. We remain optimistic that current business development initiatives will deliver increasing levels of new business and profits over time.”
The company is looking to build on its alliances in the Middle East, in particular, to generate new growth and, to a lesser extent, in Asia.