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Hansard to reduce dividend levels from 2018

23 February 2017 08:01

Specialist long-term savings provider Hansard Global will reduce the level of dividend by 50% from the first half of 2018.

The group said assets under administration increased by £78m or 8% to £1bn in the six months to the end of December and, as announced in its January new business announcement, new business levels were £74.9m for H1 2017 on a present value of new business premiums basis - up 33% from H1 2016.

IFRS profits were £4.4m for the period, down from £4.9m in H1 2016.

Profits were reduced by a £0.7m provision made for potentially irrecoverable balances due from a broker.

EEV profit after tax was £8.5m (H1 2016: £1.2m) as EEV continued to benefit from favourable stock market and foreign exchange gains.

New business margin has improved to 1.3% positive for H1 2017 (H1 2016: 0.4% negative).

The group said the board had declared an unchanged interim dividend of 3.6p per share and expected to maintain its final dividend for H2 2017 at the same level as in 2016 (5.3p per share.

But it added: "Looking further forward, the group's new business growth will require additional cash resources before we see the returns from this investment.

"The board has therefore decided that, from H1 2018, it will be necessary to implement a reduction of 50% in the level of the dividend."

At 8:01am: (LON:HSD) Hansard Global PLC share price was -9.25p at 101.75p

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