Hardman & Co Research on Chesnara Plc (CSN): Steady as she goes!

Chesnara Plc has released its 1H’24 results, highlighting mixed outcomes. The period saw positive equity market returns, though these were partially countered by further adverse lapse experience. The Economic Value profit recorded was £20.2 million, which is lower than the £32.6 million seen in 1H’23, excluding acquisitions.

Economic Value decreased slightly to £508 million from the year-end figure of £525 million, mainly due to dividend payments and foreign exchange losses offsetting earnings. Cash generation was robust, with a base cash sum of £19.6 million and commercial cash generation at £29.2 million.

In line with expectations, Chesnara has increased its interim dividend by 3% to 8.61 pence, marking the 20th consecutive year of dividend increases.