28th Jun 2016 10:17
LONDON (Alliance News) - Property management services group HML Holdings PLC on Tuesday posted a rise in revenue and pretax profit for its recently ended financial year, despite noting the more competitive UK employment market and enhanced service standards has given rise to operating cost increases.
HML Holdings said its revenue rose 8.0% for the year ended March 31, to GBP18.6 million from GBP17.2 million the prior year, driving an increase in pretax profit to GBP1.2 million from GBP1.1 million, in spite of a rise in operating expenses due to its industry association's recently enhanced service standards.
"As we have reported on a number of occasions, although these measures commit us to a more costly provision of service, they represent an investment in our future and will further differentiate us within the sector as a provider of quality professional services," HML Holdings said in a statement.
The company also noted that, in "common with many in the service sector", it has "had to rise to the challenges of a more competitive employment market", and employee salaries and staff related expenses rose during the year. The company said it has also increased its network of property management offices and currently operates from 15 locations across the UK.
HML Holdings said its dividend for the year was 0.33 pence per share, up from 0.30p a year earlier.
"We have made excellent progress this year significantly increasing the number of properties under management while investing in our systems and compliance infrastructure. As a result, we now provide an even higher quality of service that will further differentiate HML from its peer group and reinforce our ability to continue to grow," Chief Executive Rob Plumb said.
Shares in HML Holdings were up 3.3% at 34.60 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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