European life and pensions consolidator Chesnara Plc. (CSN.L) on Thursday reported a surge in pre-tax profit, from last year. Annual profit were down from the same period last year as the company recorded an income tax expenses of 16.9 million pounds this year, compared to 16.9 million income tax gain last year. The company also raised its final dividend by 3 percent from the previous year.
The pre-tax profit on IFRS basis was 20.8 million pounds in fiscal 2024, while in the prior year restated earnings were 1.7 million pounds. The company has recorded an income tax charge of 16.9 million in the full year, compared to a credit last year.
Profit for the year, however, declined to 3.9 million pounds or 2.52 pence per share from 18.6 million pounds or 12.29 pence per share a year ago.
In fiscal 2024, total comprehensive loss was 11.0 million pounds, compared to total comprehensive income of 10.2 million pounds.
The company's annual insurance revenue rose to 261.9 million pounds from 228.0 million pounds last year. Total revenue, net of investment result, was 165.5 million pounds, higher than 155.9 million pounds recorded in the prior-year.
The company said that its Board is recommending a 3 percent increase in the final dividend to 16.1 pence per share. This brings the total dividend for fiscal 2024 to 24.7 pence per share. The recommended final dividend will be paid on May 20. The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of April 3 and the record date for eligibility for payment will be April 4.
Looking ahead, Steve Murray, CEO, said, "Our strong financial performance and additional UK acquisition in 2024 underpin our positive outlook for 2025 and beyond."
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