SUMMARY
In line with our strategic plan we have successfully entered into business relationships with significant IFA networks and other institutions in our target markets which will provide a platform for sustainable and diversified new business flows;
IFRS profits of £6.6m are in line with the comparative period and in line with expectations;
EEV profit after tax of £6.6m (H1 2014: £2.2m loss) reflects improved market performance and the strengthening of the US dollar against sterling over the period. The low level of new business in the period resulted in a negative contribution from new business;
The increased interim dividend of 3.5p per share is funded by positive operating cash flows;
Our estimate of the Group's exposure, including professional costs, in relation to the issue of Chargeable Events Certificates announced in FY 2014, remains unchanged at £5.0m;
There has been no material change in the litigation against Hansard Europe. Writs totalling approximately £5.4m remain outstanding (30 June 2014: £5.2m). We continue to defend these claims strenuously.
