12th Nov 2013 12:55
LONDON (Alliance News) - Property management services group HML Holdings PLC Tuesday reported an increase in profit and revenue for the first half, reflecting a strong performance across the business.
The company, which manages residential buildings, posted pretax profit of GBP546,000 for the six-month period ended September 30, up from GBP422,000 a year earlier, while revenue rose 16% to GBP7.2 million, from GBP6.2 million in 2012.
The firm said 11% of the increase in revenue was generated from organic growth. Organic growth amounted to 10% last year.
HML said it continues to "enjoy organic revenue and earnings growth through both a steadily increasing share of the existing block management market, as well as an increasing flow of new build instructions."
As a result, the firm has seen a "noticeable" growing contribution of client referrals to the group's new business volume
Following the period end, the company acquired PR Gibbs in Bolton and LHH Property Management in Kensington, west London.
"We are confident that both of these businesses will assimilate well into our existing business structure," HML said.
Earnings per share increased to 1.2 pence, from 0.9 pence a year earlier.
The stock was trading at 35.00 pence Tuesday afternoon, down 0.25 pence or 0.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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