Interim results show earnings up 119%
AIM-listed broker, Jelf Group, has hit £17.1m turnover representing an increase of 128% for the same period last year.
The group’s interim results for the six months ended 31 March also showed a net operating cash inflow of £2.4m and a 119% rise in earnings to £1.8m, compared to £0.8m in 2006.
Company highlights over the period included six acquisitions in as many months and its employee benefits and healthcare businesses being particularly buoyant.
Alex Alway, Jelf’s chief executive said: “Our strategy of expanding the business, through both the acquisition of well-run brokerages and by offering a wider range of services to drive organic growth, continues to deliver value and the trading outlook for the Group remains favourable for the rest of 2007.
“The full year will include the beneficial effects of recent acquisitions; we have successfully integrated the Goss team into the Group and have also acquired SPS Wellbeing to enhance our healthcare and employee benefits teams. The integration of this recent acquisition is going well and we have been pleased with its performance over the key month of April.
“The results of the Group are always biased to the key months of the third quarter due to the start of the tax year in April and the significant amount of business conducted in this period. The interim results reflect this bias. I am pleased to be in a position to report strong trading in April across the Group.
“The trends in consolidation have increased over the last six months. The consolidation of small brokerages allows the Group to take advantage of economies of scale and cross-selling opportunities. The Jelf Group’s ability to run an advice-based, multi-channel distribution business will enable it to extract greater value than others.
“We would like to put on record our thanks to all our staff for their dedication and professionalism. They continue to face considerable change within the business and have constantly risen to the challenge.
“The results for the first half of the Group’s financial year give us confidence that 2007 is going to be another year of real progress.”
