Interim Results for the six months ended 31 March 2008
05 June 2008
JELF ANNOUNCES STRONG PERFORMANCE AND CONTINUED GROWTH
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Jelf Group plc, a leading independent corporate consultancy providing advice on insurance, healthcare, employee benefits, commercial finance and wealth management, today announces its interim results for the six months ended 31 March 2008. These interim results have been prepared for the first time in accordance with International Financial Reporting Standards (IFRS).
Financial Highlights
- 49% growth in Revenue to £25.0m (2007: £16.8m*)
- 85% growth in EBITDA** to £3.1m (2007: £1.7m*)
- 24% growth in EBITDA** margin to 12.4% (2007: 10.0%*)
- Organic revenue growth of +16.3% in core areas of Insurance and Healthcare (2007: +3.5%)
- Cash generated from operations of £6.5m (2007: £2.4m)
- Underlying*** diluted Earnings per Share (EPS) 5.6p (2007: 3.9p*)
- £45m (net) capital raised during the period
- Insurance Gross Written Premium ("GWP")increased to approximately £240m per annum
- Private Medical Insurance GWP c. £150m per annum
* restated in accordance with IFRS
** operating profit before deduction of Depreciation of tangible fixed assets and Amortisation of intangible fixed assets
*** Before deduction of Amortisation of intangible fixed assets. Basic EPS is 1.9pps (2.3pps for 6 months ended 31/03/07)
Operating Highlights
- Growth continues, both organically and through acquisitions.
- Clarke Roxburgh acquired in April to extend footprint to West Midlands
- Manson Group purchased in January to create hub for growth in North-West
- Argyll Group purchased in April to create hub for growth in South-East
- Four smaller brokerages also purchased
- Industry consolidation continuing to drive insurance markets
- Substantial investment in infrastructure to support growth
- Strong performance in key month of April
Alex Alway, Chief Executive, said:
"Our continued growth and strong performance is testament to a successful strategy implemented by first-class teams across all areas of the business. Market conditions remain competitive but the growth in our revenues is a credit to our strong business proposition"
ENQUIRIES
| Jelf Group plc | ||
| Alex Alway, Group Chief Executive | 01454 272713 | |
| Rose Clark, Director of Finance | 01454 272912 | |
| Cenkos Securities plc | ||
| Ian Soanes | 0207 397 8924 | |
| Pelham Public Relations | ||
| Polly Fergusson | 0207 743 6362 | |
| Damian Beeley | 0203 178 2253 |