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Interim Results

Chesnara posts strong H1 results

31 August 2017 09:11

Chesnara has reported strong first half results which include the gain on acquisition of Legal and General Nederland.

IFRS profit before tax rose to £51.6m (H1 016: £0.2m) which included a £20.7m gain on the acquisition of Legal and General Nederland.

Economic profits of £14.3m compared to a corresponding loss of £9.3m in the first half of 2016.

Underlying core operating profit rose to £16.6m - up from £9.5m last time.

Chief executive John Deane said: "Strong results during the first half of 2017, which include the gain on acquisition of Legal and General Nederland, are underpinned by the continuation of good value emergence from the UK business, as many operational and economic value drivers have aligned to give a better than expected positive cumulative impact.

"I am also pleased to report that our overseas operations are making significant contributions to cash and value generation. Movestic continues to grow and this has resulted in further cash generation and dividend potential.

"The completion of the acquisition of Legal and General Nederland, now successfully rebranded as 'Scildon', has delivered 'Day 1' benefits slightly ahead of expectations.

"Furthermore, our early assessment of the business confirms our expectation that Scildon, following a planned improvement programme, will provide future cash generation and value growth.

"We have made great progress integrating Scildon into the Chesnara group and will continue with our focus of maximising the value from all our existing in-force books of business and our acquisition and new business objectives."

At 9:11am: (LON:CSN) Chesnara PLC share price was +2.38p at 381.88p

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