10th Sep 2024 10:44
(Alliance News) - Chesnara PLC on Tuesday said that it was well placed to benefit from opportunities, as it announced a higher dividend despite a bottom-line hit from insurance service costs.
The Preston, England-based insurance company and pension consolidator said pretax profit fell 12% to GBP13.4 million in the first half of 2024 from GBP15.3 million a year ago.
Insurance revenue rose 15% to GBP136.1 million from GBP118.5 million. However, insurance service costs increased 35% to GBP138.2 million from GBP102.7 million.
Despite the profit decline, Chesnara announced an interim dividend of 8.61 pence per share, up 3.0% from 8.36p a year ago.
Looking ahead, Chair Luke Savage said: "The outlook for acquisitions remains positive and our strong, resilient capital and cash positions mean that we are well-placed to benefit from inorganic opportunities as they arise."
Chesnara shares were 1.9% lower at 258.61 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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