CSN Chesnara PLC

Hardman & Co Research: Chesnara plc (CSN) - Good first half aided by markets and acquisitions

Hardman & Co Research
Hardman & Co Research: Chesnara plc (CSN) - Good first half aided by markets and acquisitions

04-Oct-2023 / 15:30 GMT/BST
The issuer is solely responsible for the content of this announcement.

Hardman & Co Research | Financial Services

Chesnara plc (CSN) | Good first half aided by markets and acquisitions

 

Chesnara has announced its 2023 interim results. Good returns in equity markets, most notably in Sweden, and the benefit from acquisitions meant earnings were well ahead of our normalised estimates. Economic Value profit was £61.0m, including £28.4m from acquisitions, compared with a loss of £75.7m in 1H’22. Despite paying the final dividend, Economic Value increased 2% over the half year to £523.2m. Cash generation was solid, with commercial cash generation of £21.8m, while base cash generation was lower after the symmetric adjustment at £11.1m. As expected, the interim dividend was increased by 3% to 8.36p per share.

 

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