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Annual Results

Fees and commissions fall at Hansard Global

23 September 2015 08:12

Hansard Global, the specialist long-term savings provider, has said that for the year ended 30 June 2015 IFRS profit after tax for the year was £14.9m (2013: £8.3m) and that these numbers are significantly affected by a number of exceptional items in FY 2015 and FY 2014.

Prior to exceptional items, the underlying IFRS profit was £12.0m compared with £14.7m in FY 2014. Lower new business and the continued run-off of Hansard Europe have resulted in lower levels of fees and commissions being earned. These were £56.3m for FY 2015 compared to £59.5m for FY 2014.

The most significant exceptional item affecting profit in FY 2015 was the full and final settlement with HMRC for the weaknesses in issuing Chargeable Events Certificates (as announced in June) at a level significantly below that provided for in FY 2014.

This resulted in a net benefit, after all professional fees, of £3.0m in FY 2015 (charge of £5.0m in FY 2014).

A European Embedded Value ("EEV") operating loss of £6.3m was incurred in the year (FY 2014: loss of £6.6m). This result is driven largely by reduced new business levels and a smaller overall book of business to cover the Group's expense base.

Positive investment return experience and economic assumptions contributed £9.2m to an overall EEV profit of £2.9m (FY 2014: loss of £10.7m).

The company says that it has started to see business levels increase with new business streams in North Asia, the Middle East and Africa. It believes that this, together with itsongoing proactive marketing activity, provides a springboard for future growth.

At 8:12am: (LON:HSD) Hansard Global PLC share price was -0.5p at 104p

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