Profit increase for PraxisIFM Group

PraxisIFM GROUP has reported increased profit margin.

Rob Fearis, CEO PraxisIFM Group.. (29187087)
Rob Fearis, CEO PraxisIFM Group.. (29187087)

The Guernsey-headquartered business said interim results for the six-month period ending 31 October 2020 show it had benefited from improved performance in key financial metrics and was poised for an increase in financial markets activity.

In the first half of its financial year the group focused on more robustly integrating recent acquisitions, accelerated development of its technology platform and streamlining operations for more seamless group-wide collaboration and greater efficiency. As a result, PraxisIFM said the profit margin was up as the leadership team continued to put the annual results of the previous difficult financial year firmly behind it and focus on future performance.

While the pandemic has resulted in a slowing in business conversion, PraxisIFM said new business prospects remain strong with it well positioned to take on this work when the client transactions and fund launches currently paused are resumed.

‘While we, along with the rest of the world, have faced turbulent times this year, the dedication, determination and adaptability of our workforce has been a critical ingredient in our success,’ said chief executive officer Rob Fearis.

‘These interim results have shown promising progress as a group and demonstrate the product of our collective attitude to grasp the opportunity of the year’s challenges and build ourselves up to be stronger and more competitive than ever.

‘I am incredibly proud of PraxisIFM’s formidable resilience and enterprise throughout this period, which leaves me in eager anticipation of what we can achieve when Covid-19 restrictions subside and the surge of activity commences.’

The group also said it recognised the importance of dividend payments to shareholders and intended to return to its stated dividend policy as soon as possible.

. The search and selection process for a new non-executive chairman and non-executive director, following the departure of Andrew Haining and audit committee chair Iain Stokes in December is progressing well, said PraxisIFM, with the firm hoping to make announcements in the coming weeks.

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