28th Sep 2018 16:00
LONDON (Alliance News) - Helios Underwriting PLC on Friday said it began a share buyback programme despite a fall in profit in the first half of 2018.
The insurance company said its profit fell to GBP235,000 in the six months to the end of June from GBP373,000 reported for the same period a year earlier, as revenue slipped to GBP13.0 million from GBP13.1 million.
Helios' adjusted net asset value per share rose slightly in the first half to GBP1.61 from GBP1.60 year-on-year. The stock was up 1.2% on Friday at 130.00 pence per share.
The company has commenced a programme of buying back its own shares and to date has acquired 136,778 shares at an average price of 125 pence each, a significant discount to adjusted net asset value.
Looking forward, the company said it expects to continue this share buyback programme.
Related Shares:
Helios Underw