Results announcement for the six months ended 31 December 2020
Hansard Global plc (“Hansard” or “the Group”), the specialist long-term savings provider, issues its results for the six months ended 31 December 2020. All figures refer to the six months ended 31 December 2020 (“H1 2021”), except where indicated.
- Hansard’s business remains resilient in light of the continuing challenges of Covid-19;
- New business levels for the Group were £76.3m for H1 2021 on a Present Value of New Business Premiums (“PVNBP”) basis, down 4.7% from H1 2020;
- IFRS profit before tax was £2.9m for the period, up from £2.6m in H1 2020, primarily due to lower new business acquisition costs;
- Revenue increased with £25.6m of fees and commissions earned in H1 2021 compared to £25.5m in H1 2020;
- Value of in-force remained stable in the period at £149.9m, up from £147.9m at 30 June 2020;
- Assets under administration increased to £1.17 billion, up 8.0% since 30 June 2020;
- Continued investment in future growth; launch of first distribution agreement in Japan on track for Spring 2021;
- The Board has declared an interim dividend of 1.8p per share (H1 2020: 1.8p).
|H1 2021||H1 2020|
|New business sales – PVNBP||£76.3m||£80.1m|
|IFRS profit before tax||£2.9m||£2.6m|
|IFRS basic earnings per share||2.0p||1.9p|
|Interim dividend – to be paid on 20 April 2021||1.8p||1.8p|
|As at||31 December
|Assets under Administration||£1.17b||£1.08b|
|Value of In-Force1||£149.9m||£147.9m|
1 Regulatory basis
We expect the external global environment will remain challenging throughout the remainder of our financial year. Regional lockdowns and travel restrictions are expected to continue until vaccination programmes have been completed. We are confident our new business will continue to be resilient in the face of these challenges albeit we expect it will continue to lag behind the levels achieved last year.
We continue to invest for the future through the on-going development of our Japanese proposition and the upgrade of our systems environment. While Covid-19 presents challenges to these projects, the launch of our Japanese proposition with our first distribution partner remains on track for Spring 2021.
GORDON MARR, GROUP CHIEF EXECUTIVE OFFICER, COMMENTED:
“I am pleased to report that Hansard has delivered a positive set of financial results under the on-going Covid-19 environment. We continue to deploy and utilise our technology and customer service strengths to support our brokers and clients wherever possible. Additionally, we are investing for the future through the on-going development of our Japanese proposition and the upgrade of our systems environment. There is good momentum behind these projects and we are working closely with our distribution partner in Japan to deliver a launch for Spring 2021.”
NEXT TRADING UPDATE
The next trading update in respect of our financial year ending 30 June 2021 is expected to be published on 6 May 2021.