Jelf posted an £800,000 profit for the first six months of this year, compared to a £1.2m loss in the same period last year.

Operating profits increased by 49% at £1.5m (2010: £1m), helped by improvements in operational efficiencies.

The consolidator’s revenues improved marginally from £35m (£34.9m) as chief executive Alex Alway said “the wider economic climate remains challenging.”

Alway said Jelf had the cash to invest in bolt-on acquisitions.

Alway said: “The wider economic climate remains challenging but Jelf has maintained its revenue levels and, thanks to the continued focus on operational efficiencies, both profits and margins have increased. This, coupled with a strong balance sheet puts the group in an excellent position to take advantage of future opportunities.”

Financial highlights

  • Revenue in line with last year at £35.0m (2010: £34.9m) but earnings before interest tax depreciation and amortisation increased by 2.0% to £4.2m (2010: £4.1m)
  • Operating profits increased by 49% at £1.5m (2010: £1.0m)
  • £1.5m early repayment of debt, strong cash generation continues

Operating highlights

  • Focus remains on improving margins through operational efficiencies
  • Funds under advice rose to £500m (2010: £446m)

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