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BRIEF-Chesnara posts H1 IFRS pretax profit of 51.6 mln pounds
August 31, 2017 / 6:27 AM / 3 months ago

BRIEF-Chesnara posts H1 IFRS pretax profit of 51.6 mln pounds

Aug 31 (Reuters) - CHESNARA PLC:

* H1 ECONOMIC VALUE (ECV) OF £700.4M NOTE 1 (31 DECEMBER 2016: £602.6M).

* H1 GROUP CASH GENERATION OF £46.2M NOTE 2 (SIX MONTHS ENDED 30 JUNE 2016: £13.6M)

* H1 IFRS PROFIT BEFORE TAX OF £51.6M (SIX MONTHS ENDED 30 JUNE 2016: £0.2M)

* H1 GROUP SOLVENCY RATIO OF 143% (31 DECEMBER 2016: 144% NOTE 3 )

* 2.9% INCREASE IN INTERIM DIVIDEND COMPARED WITH 2016

* INVESTIGATION INTO HOW COUNTRYWIDE ASSURED DISCLOSED EXIT FEES TO CUSTOMERS, INITIALLY ANNOUNCED ON 3 MARCH 2016, IS ONGOING

* HAVE PROVIDED FCA WITH ALL INFORMATION REQUESTED

* OUTCOME FROM INVESTIGATION SHOULD NOT HAVE A MATERIAL IMPACT ON COMPANY

* UK BUSINESS REMAINS A ROBUST SOURCE OF CASH, WITH ADDITIONAL POTENTIAL TO TAKE MANAGEMENT ACTIONS TO ENHANCE CORE CASH IF REQUIRED

* REMAIN OPEN MINDED ABOUT NEW TERRITORIES BUT BENEFITS WOULD NEED TO OUTWEIGH INHERENT CHALLENGE OF ADDING ANOTHER REGULATORY ENVIRONMENT INTO OUR BUSINESS MODEL

* WHATEVER OUTCOME FROM BREXIT NEGOTIATIONS, WE EXPECT IT TO HAVE LITTLE DIRECT IMPACT ON OUR BUSINESS MODEL Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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