Hansard Global : Second trading update for the year ending 30 June 2018

Second trading update for the year ending 30 June 2018

10 May 2018

Hansard Global plc ('Hansard' or 'the Group'), the specialist long-term savings provider, issues its trading update for the quarter ended 31 March 2018 ('Q3 2018'). All figures refer to this period, except where indicated. Year to date figures refer to 1 July 2017 to 31 March 2018.

SUMMARY

• Overall for the year to 31 March 2018, new business for Hansard International Limited ('Hansard International') of £109.8m in PVNBP ('Present Value of New Business Premiums') terms was broadly in line with the prior year period;
• New business for Q3 2018 was £32.8m, down from £38.9m in Q3 2017;
• New business improved during the quarter in the Middle East & Africa as we brought new distribution on-line and our strategic alliance in the UAE continues to grow;
• Challenges exist in the Far East where increased regulation has restricted certain distribution channels and caused overall regular premium business to decline;
• Single premium business continues to be strong, driven by offshore pensions business;
• Hansard Europe has received notification of new litigation associated with fund failures in Italy, adding £1.9m to the Group's contingent liabilities.

Gordon Marr, Group Chief Executive Officer, commented:

'While new business for the past quarter was adversely impacted by general regulatory developments in the Far East, we remain positive around the overall opportunity for growth within the business. In particular we are optimistic that our previously stated strategy to acquire new market licences will be delivered upon during this calendar year and for this to be the most significant catalyst for future growth.'

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