INTERNATIONAL company Hansard Global has produced a solid set of figures in its half-yearly results.
The Isle of Man based group a specialist long-term savings provider, had a good start to its financial year which started on July 1.
The company is fully listed on the main floor of the London Stock Exchange and employs around 170 people in the island.
In its report the group reports it had a good start to the financial year reflected in improved new business flows, continued positive operating cash flows and increased assets under administration..
The Lord Street based operation posted a nine per cent fall in its first-half profit, partly affected by low interest rates, but remains optimistic about the outlook for the future on the back of new business flows which were about 50 per cent higher during the July to December period.
The company provides life assurance and investment serv ices and chairman Leonard Polonsky said: ‘Even though we continue to face economic uncertainy, we shall continue to deliver excellent service to independent financial advisors and their clients, maintain profitable growth and generate value for our shareholders.’
The chairman, in his report, says continued low interest rates and development expenditure contributed to a reduction in IFRS (International Financial Reporting Standards) profits to £8.4 million after tax, compared to £9.2 million last year.
However the company had contiunued to generate positive operating cash flows and have increased Embedded Value by 6.6 per cent to £263.4 million.
‘It is satisfying to note that current levels of new business are approaching levels that we had seen before the global credit crisis,’ adds the chairman in the report.
The sales outlook remains positive with increased focus and volume from Latin America and the Far East.
Gordon Marr, island-based managing director notes in the company’s report that the group has continued its efforts to ‘maintain an environment in which we can benefit from profitable relationships with IFAs (independent financial advisors) and their clients, while continuing to effectively manage related risks.
Mr Marr said the group has continued to:
l Generate positive cash flows to fund new business and dividends.
l Maintain expense disciplines.
l Invest in distribution infrastructure, Hansard OnLine and other IT developments.
l Enhance its risk management frameworks.
Meanwhile chairman Mr Polonsky says the group’s confidence in its future prospects is reflected in the Board’s decision to increase the interim dividend by 4.5 per cent to 5.75 pence per share, which is covered by IFRS earnings in the period.