Jelf revenues soar as profits remain flat

Jelf has reported a six per cent decline in pre-tax profit to £738,000 in its interim results.

For the six months ending 31 March, the broker increased turnover by 49.3 per cent to £25m. Gross written premiums increased to around £240m.

The company achieved an organic growth rate of 13 per cent in its insurance business.

The Group's earning before interest, tax, depreciation and amortisation (EBITDA) increased by 85 per cent year on year to £3.1m.

Administration expenses rose over 50 per cent to from £21.39m from £14.14 m. The company's underlying profit margin before amortisation stood at 11.2 per cent.

Jelf paid £12.1m in acquisition costs over the past six months.

In February, the group raised £45m in equity following investment from private equity firm, 3i. The group has over 20 institutional investors, including Allianz and Aviva. It's bank debts currently stand at £23.5m.

Chief executive of Jelf Alex Alway said: “Our continued growth and strong performance is testament to a successful strategy implemented by first-class teams across all areas of the business.

"Market conditions remain competitive but the growth in our revenues is a credit to our strong business proposition."