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Despite declining global sales and new business, Hansard maintains its dividend

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News Tech: On Thursday, Hansard Global PLC reported a declining net asset value and profit as it identified the ongoing conflict between Russia and Ukraine as the cause of inflationary pressures.

On Thursday morning in London, Hansard shares were 15% higher at 39.80 pence per.

The Isle of Man-based long-term savings provider said that pretax profit for the fiscal year that ended on June 30 decreased to £3.8 million from £5.1 million the previous year.

At June 30, net asset value per share fell by 10%, from 17.9p to 16.1p.

“The financial year started with a slow resumption to business as usual from before the pandemic, and we were able to start re-engaging with our broker community in person.” Since the Russia-Ukraine crisis escalated in February 2022, the issues that have affected the rest of the world are becoming more apparent as energy and food prices soar and are certain to do so again over the winter, according to Chief Executive Officer Graham Sheward.

The direct effects are anticipated to have two different effects on our business, he stated. First off, it has made our target clients’ hesitation to invest in long-term savings plans worse, which has hurt our 2022 new business performance. Second, as energy prices rise, suppliers and professional advisors raise their prices, and our workforce experiences inflationary pressure, we can anticipate cost difficulties within our company in our 2023 financial year. Hansard announced a final dividend of 2.65p per share, the same as the previous year.

The board “carefully considered its current and future cash flows, the risks and potential impact introduced by Covid and the ongoing Russia-Ukraine conflict, the outlook for future growth and profitability and the views of key stakeholders, including shareholders and regulators” before coming to this decision. Philip Kay, the chair, explained. The overall dividend remains at 4.45p, unchanged.

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