LONDON, UK: Hansard Global plc, the specialist long-term savings provider, announced its results for the six months ended 31 December 2023, showing a 32% increase in profit before tax to £4.1m, compared to £3.1m in the same period last year.

Hansard Global attributed the improved performance to higher fee income, especially from its international business, and a favourable interest rate environment, which boosted its investment and other income. However, these factors were partly offset by higher expenses due to increased investment in strategic initiatives to enhance its future prospects.

The Group’s new business for the first half of the year was £36.2m in present value terms, down from £43.4m in the previous year, reflecting the uncertain global economic conditions and the reluctance of clients to commit to long-term savings products. The Group’s assets under administration and value of in-force business remained largely stable at £1.11 billion and £120.1m respectively.

The Board declared an interim dividend of 1.8p per share, unchanged from last year.

The Group also highlighted some of its strategic and operational achievements, such as the development of a distribution opportunity for its Japan proposition and the migration of its online platform to a new system environment, which enables it to launch new products more quickly.

Hansard Global expressed confidence in its new product pipeline and its potential to drive sales and growth in the long term. However, it also cautioned that interest rates may fall slightly from current levels, reducing its returns on cash reserves and product margins.

Graham Sheward, Group Chief Executive Officer, commented: “Although the environment for investment and long-term savings plans remains challenging, we have delivered an improved profit result to the prior year comparative period.

We have successfully migrated to our new policy administration platform and continue to make good progress with our strategic initiatives, allowing us to target future new business growth and cost efficiencies.”