Chesnara plc - Interim Results for the six months ended 30 June 2012
2.5% increase continues dividend growth at Chesnara
Chesnara today reported interim results for the half-year ended 30 June 2012. The Group remains committed to offering shareholders an attractive long-term income stream arising from the profits of its life assurance businesses.
- IFRS profit before tax, excluding exceptional item, for the six months ended 30 June 2012 increased by 145% to £9.3m, (2011: £3.8m)
- Earnings per share (on IFRS basis) of 6.19p, (2011: 2.79p)
- On EEV basis pre-tax profit for the half-year of £20.3m (2011: £0.4m)
- Shareholder equity on EEV basis (pre dividend payment) of £296.3m - £2.58p per share (31 December 2011: £294.5m - £2.56p per share)
- Net cash generation of £12.4m compares favourably to first half of 2011 (£6.7m)
- Capital release of £7m, arising post 30 June, following successful de-authorisation of Save & Prosper companies.
- Group solvency ratio remains, post dividend, stable at 198% (30 June 2011: 198%)
- Countrywide Assured's solvency ratio remains healthy at 213% (30 June 2011: 254%). Movestic's solvency ratio of 277% (30 June 2011: 189%) also remains above target
- 6.1p interim dividend per share declared (2011: 5.95p), an increase of 2.5%
- Board remains confident about future dividend flows
- Search for value adding acquisition opportunities continues
