SUMMARY
As announced in our January new business announcement, new business levels are £56.4m on a PVNBP basis, up 92% from the previous financial period as success in the Middle East & Africa is starting to be replicated across other regions;
IFRS profits were £4.9m for the period, down from £6.6m in H1 2015. Most of this reduction is due to lower fee income from Hansard Europe which was closed to new business in 2013. Global stock market declines in the period have also reduced annual management charges earned across the Group;
EEV profit after tax was £1.2m (H1 2015: £6.6m). Both 2016 and 2015 figures are predominantly driven by stock market and foreign exchange market changes;
New business contribution and margin have improved from the levels of last year to be profitable in Q2 and we expect to see further positive progression over time;
The Board has declared an increased interim dividend of 3.6p per share;
