Chesnara profits up to £30.4m

FINANCIAL services group Chesnara has reported an 11% rise in pre-tax profits to £30.4m for the six months to June 30 (HY 2014: £27.4m).

That figure was helped by the acquisition of  Waard Group which resulted in a gain of £16.2m.

The Preston company’s net cash generation of £56.7m (HY 2014: £15.6m) includes £15.3m primarily from its UK business although its newly acquired Swedish life assurance company Movestic has made a positive contribution.

The recommended interim dividend of 6.61p per share (2014: 6.42p per share)  represents the 11th successive rise in interim dividends.

The company said  value enhancing acquisition opportunities in the UK and Western Europe, principally in the £50m – £200m range, continue to be sought and examined.

Chief executive John Deane said: “Chesnara has continued to focus on delivering against its very clear strategic direction:  delivering value from the in-force book, writing profitable new business in Sweden and making strategic acquisitions in the life and pensions sector.”