Preliminary Results for the year ended 30 September 2009
24 February 2009
Jelf Group plc, an independent full service brokerage that supports businesses and individuals, announces its results.
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The complete results are available to download in PDF Format
Financial highlights
- Revenue has increased 11% to £70.3m (2008: £63.1m) largely driven by previous year strategic acquisitions.
- EBITDA (before exceptional costs) was £8.1m (2008: £10.1m) and margins were 11% (2008:16%). This reflects the difficult economic conditions experienced by our clients
- A significant proportion of the £4.8m (2008: £0.7m) of rationalisation costs have been incurred through the Group's drive for cost efficiency. These measures will yield positive financial benefits during 2010.
- Cash generated from operations continues to be strong at £8.7m (2008: £10.5m) enabling the Group to meet its deferred consideration payments from operating cash. Deferred consideration payments will be substantially complete by 30th September 2010.
- Gearing has substantially reduced with net debt declining £15.2m to £30.7m at 30th September 2009 and is continuing to reduce.
- Company in advanced discussions regarding fundraising to reduce net debt
Operating highlights
- Continued focus on operational efficiencies to simplify the business whilst building organic sales.
- Integration of major acquisitions is going to plan.
- £2.8m of annualised cost efficiencies achieved.
- Wealth Management business now operating under a single regulated entity and management team and successfully executing its platform strategy.
- Employee Benefits business, now integrated into one business.
- Maintained focus on client, awarded 2* (Outstanding) Investors in Customers (IIC).
- Investment in people and systems continues
Alex Alway, Group Chief Executive, commented:
"We look forward to the current year with the confidence instilled by an improved financial strength and a streamlined business, but we are cautious that this improvement remains fragile. The Group has removed a significant amount of cost through streamlining operations. The trading for the first quarter is slightly ahead of expectations, although whilst encouraged by this, we remain cautious for the current year.
Enquiries
Jelf Group plc
Alex Alway, Chief Executive
01454 272713
John Harding, Group Finance and Operations Director
0117 315 6563
Cenkos Securities plc
Stephen Keys
020 7397 8900
Further information is available on Jelf at the Group's website: