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Chesnara PLC on Thursday said its outlook for mergers and acquisitions remains positive as it reported higher pretax profit last year but a swing to an after-tax loss.
The Preston, England-based insurance company and pension consolidator said pretax profit jumped to £20.8 million in 2024 from £1.7 million in 2023.
Notably, Chesnara posted a net insurance service result of £8.6 million in 2024, swung from a loss of £5.2 million in 2023. However, its net investment result fell 26% to £52.7 million from £71.7 million.
The company swung to a total comprehensive loss of £11.0 million in 2024 from a profit of £10.2 million in 2023. Notably, it incurred an income tax charge of £16.9 million in 2024, compared to a gain of exactly the same amount in 2023. Further, its foreign exchange loss increased to £15.3 million in 2024 from £7.8 million in 2023.
Chesnara recommended a final dividend of 16.1 pence per share, up 3.2% from 15.6p a year ago. This would bring the total payout for 2024 to 24.7p, up 2.9% from 24.0p paid for 2023.
Chair Luke Savage said: ‘Our financial results in 2024 demonstrate that our diversified business model continues to deliver strong levels of cash generation, value growth and positive shareholder returns. Our outlook for M&A remains positive and we have a strong capital base and ambition to support further acquisitions.’
Chesnara shares were 0.7% lower at 277.00 pence each on Thursday morning in London.
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