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Hansard Global profits fall

25 February 2016 09:18

Hansard Global posts a profit after tax under International Financial Reporting Standards of GBP4.9m for the six months to the end of December - down from GBP6.6m last time.

It says this was driven by the following factors:

- lower fees earned from Hansard Europe, which closed to new business in 2013, resulting in a declining number of customers and assets under management; - newer products in Hansard International having a lengthier earning period than older products; - lower annual management charges due to market value declines in line with global stock markets in the period - continued investment in the distribution network and new market opportunities.

The European Embedded Valu profit after tax of £1.2m (H1 2015: £6.6m) is driven predominantly by investment-related drivers in the period, in particular the strengthening of the US dollar against sterling.

The group says: "Encouragingly, our new business contribution and margin have improved from the levels of last year to be profitable in Q2 and we expect to see further positive progression over time."

At 9:18am: (LON:HSD) Hansard Global PLC share price was -2.5p at 106.5p

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