News

Special divi at high-flying Hansard

27 September 2007 11:53:00

Cash is rolling in at wealth manager Hansard Global, prompting the long term savings specialist to announce a special dividend along with its full year results.

The group announced a record profit figure of £19.7m for the year to 30 June 2007, compared with £17.7m in the preceding year. The group paid no tax owing to tax benefits derived from being based in the Isle of Man and because of losses incurred in previous years by its subsidiary in the Republic of Ireland.

The embedded value of the group on a European Embedded Value (EEV) basis rose to £218m at the end of June 2007, compared with £178.6m at the corresponding stage of 2006.

Assets under administration broke through the billion pound barrier, rising to £1.13bn from £947.3m on 30 June 2006.

The group's policy is to pay out 70% of its post-tax earnings in dividends and as such has declared a final dividend of 6p. However, in view of the group's strong balance sheet and the highly cash generative nature of the group's business, the board has proposed a special dividend of 5p to be paid in addition to the final dividend.

Hansard said trading in the first 12 weeks of the group's new financial year is going well, with new business premium income up 50% year-on-year on an annualised premium equivalent (APE) basis.

"Whilst short-term fluctuations in market levels may temporarily disturb growth patterns, we remain positive about the group's growth prospects and are enjoying a strong start to the current year," the chairman, Leonard Polonsky, said.

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