Hansard Global posts strong performance

29th Jan 2013 15:03

Hansard Global's 'buy' rating was reiterated after the group revealed strong growth during the last half of 2012.Analysts at Panmure Gordon and Co restated the rating on stocks with a $2.54 price target.Shares were up 8.06% to 114.00p at 15:14 Tuesday as financial services business posted an increase in regular premium sales. Second quarter sales generated £44.3m on the basis of present value of new business premiums (PVNBP), 13.3% ahead of the first quarter. Hansard said an overall new business margin of 12.1% reflected an increase in volume and proportion of regular premium business, in line with the group's stated strategy.Regular premium new business in the first half was at £66.8m PVNBP, driven by growth in the markets of the Far East and Latin America."We have recorded a strong new business performance in the second quarter of this financial year, showing positive momentum in the group," Gordon Marr, Group Chief Executive Officer, said. "The initiatives and investments we have made in distribution, infrastructure and new products continue to bear fruit."We remain confident that the outlook for growth remains positive for the group."RD