Taking into account the current financial position and future outlook, the Board has resolved to maintain its interim dividend at 1.8p per share (H1 2022: 1.8p per share). This will be paid on 27 April 2023 with an ex-dividend date of 16 March 2023.
Other Financial Highlights:
- IFRS profit before tax was £3.1m for the period, up from £1.9m in H1 2022;
- The current year result has improved as a result of reduced administrative expenses, improved interest rates and favourable foreign exchange movements. The prior year result included non-recurring provisions of £0.8m related to a range of funds in liquidation;
- Fees and commissions earned totalled £22.9m for H1 2023 compared to £25.2m for H1 2022, reflecting lower levels of new business in the current financial year;
- Lower fees and commissions were mitigated by reduced administrative and other expenses which were £14.1m for H1 2023 compared to £15.4m in H1 2022;
- Assets under administration were £1.10 billion as at 31 December 2022, largely unchanged from £1.09 billion as at 30 June 2022;
- Value of in-force as at 31 December 2022 was £124.9m (30 June 2022: £128.5m);
- The Board has declared an interim dividend of 1.8p per share (H1 2022: 1.8p);
- Continued progress the launch of a new proposition in the Middle East to assist growing the business in that market and to develop distribution opportunities for Japanese proposition;
- They remain on track to replace the policy administration systems to support the next generation of products and to realise future cost and efficiency gain
