Hansard Global today (7 March) reported IFRS profit before tax of £4.1m for H1 2024, up 32% from £3.1m in H1 2023.

It said the current year result has improved as a result of increases in fee income and continuation of a higher interest rate environment, partially offset by increased investment in strategic initiatives to improve future performance.

Fees and commissions earned totalled £23.9m for H1 2024, up 4% compared to £22.9m for H1 2023 driven by higher fee income in Hansard International.

Investment and other income increased by £0.7m to £3.1m for H1 2024, up 29% from £2.4m in H1 2023 as improved returns on surplus cash were offset by lower foreign exchange gains.

Administrative and other expenses were £14.7m for H1 2024 compared to £14.1m in H1 2023 as a result of increased investment in strategic initiatives.

New business for the Group for H1 2024 was £36.2m in PVNBP (Present Value of New Business Premiums) terms (H1 2023: £43.4m). This reflects ongoing uncertainties in global economic conditions and a general hesitancy by clients to commit to long-term savings products.

Assets under administration were £1.11 billion as at 31 December 2023, largely unchanged from £1.10 billion as at 30 June 2023.

Value of in-force business as at 31 December 2023 was £120.1m (30 June 2023: £124.4m).

The Board has declared an interim dividend of 1.8p per share (H1 2023: 1.8p).

The statement further highlighted that Hansard International had made significant progress developing a distribution opportunity for its Japan proposition.

In addition, in early March 2024, the Hansard OnLine platform migrated to a new system environment, the culmination of a major strategic initiative that delivers numerous benefits and improvements to advisors, their clients and the Group. Implementation of the new system enables Hansard to deliver new products to market more quickly.

Graham Sheward, group chief executive officer, said: "Although the environment for investment and long-term savings plans remains challenging, we have delivered an improved profit result to the prior year comparative period.

"We have successfully migrated to our new policy administration platform and continue to make good progress with our strategic initiatives, allowing us to target future new business growth and cost efficiencies."