11th May 2015 08:51
LONDON (Alliance News) - Jelf Group PLC Monday reported a higher pretax profit for the first half of its financial year, buoyed by acquisitions as well as organic growth, particularly for its insurance broking business.
The insurance broker and employee benefits manager reported a pretax profit of GBP2.8 million for the six months to end-March, up from GBP2.3 million a year earlier, as revenue rose to GBP43.7 million from GBP39.3 million.
It said it will pay a maiden interim dividend of 0.8 pence a share.
Revenue rose 13.5% in the company's larger insurance broking business, by 6.4% in its employee benefits business, and by 3.5% in its financial planning business. Excluding the impact of acquisitions, revenue was up 4.5% overall.
Jelf bought The Beaumonts Insurance Group last December, helping to consolidate its presence in the North of England. It said the business is trading strongly and it is capturing the planned synergies from the acquisition ahead of target.
The acquisition meant the company's net debt stood at GBP27.6 million, from GBP13.1 million a year earlier.
"I am pleased that all our businesses are trading strongly and outperforming last year and we expect to continue this trend in the second half of the year. Our acquisitions are integrating well into the Jelf business and delivering positive benefits," Jelf Chief Executive Alex Alway said.
Jelf shares were up 2.1% at 196.00 pence Monday morning, a near seven-year high for the stock.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
JLF.L