28th Jan 2016 10:48
LONDON (Alliance News) - Hansard Global PLC on Thursday said new business for the first half of its financial year amounted to GBP56.4 million, about 92% higher than the corresponding period the prior year, including an GBP8.3 million investment into a company product by President and Founder Leonard Polonsky.
"It is very pleasing to see the roll-out of our strategy delivering strong results. We have a growing, well-diversified business and continue to work hard to deliver on the opportunities that we have identified," Chief Executive Gordon Marr said in a statement.
The long-term savings provider said it traded profitably during the six months to December 31, 2015, generating positive cash flows.
Polonsky's GBP8.3 million new investment was made on "arm's length" terms and came in the second quarter, during which new business amounted to GBP36.8 million, an 88% increase on the first quarter and more than double the equivalent quarter the prior year.
"As the implementation of the group's strategic investment in product and people continues to mature, we expect the current run-rate of new business levels to continue into the second half of our financial year," the company said. "Any longer term stock market declines in 2016 could however erode confidence levels for new contributions and the level of income earned from existing assets under administration."
Shares in Hansard Global were up 8.7% at 112.00 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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