Interim Results - Replacement
05 June 2007
This statement adds the 2006 comparatives for balance sheet and cash flow to the results for the six months to 31 March 2007, as reported on Wednesday 30 May 2007 at 07:00 under RNS No 3932X.
Jelf Group plc, a corporate intermediary focused on delivering advice on insurance, healthcare, employee benefits, commercial finance and wealth management, today announces its interim results for the six months ended 31 March 2007.
FINANCIAL HIGHLIGHTS
- Turnover up 128% to £17.1m (2006: £7.5m)
- EBITDA up 119% to £1.8m (2006: £0.8m)
- Underlying organic turnover growth of 24%
- Net operating cash inflow of £2.4m
- Growth programme continues - six acquisitions made in six months
- Normalised diluted Earnings Per Share (EPS) 3.9p (2006: 3.8p)
OPERATING HIGHLIGHTS
- * Growth programme continues - six acquisitions made in six months
- Employee benefits and healthcare market particularly buoyant
- Industry consolidation continuing to drive markets
- Substantial investment in infrastructure to support growth
- Key month of April shown strong performance
Commenting on the results, Group Chief Executive Alex Alway says:
"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."
The full results can be viewed here
ENQUIRIES
Jelf Group
Alex Alway, Group Chief Executive
01454 272713
Rose Clark, Group Financial Controller
01454 272853
Pelham PR
Polly Fergusson
020 7743 6362