Revenue has risen to £30.6m. with a 58.5% gross profit margin. Meanwhile, the net debt has reduced to £4.7m.
The group has aligned its year-end with the wider industry, so direct comparisons with previous accounting periods cannot be made.
‘With our new financial year-end falling only two months after the reporting period of our interim results, it is of greater importance to look forward at the direction which the group is now taking rather than reflect on the past,’ said CEO Robert Fearis.
‘Innovation has been at the heart of PraxisIFM for nearly 50 years. As a business, we have endeavoured to create a culture and an outlook that encourages challenging the accepted and the seeking of more efficient methods and processes.’
In its March 2022 group strategy, an initial EBITDA target in excess of £20m. by 2025 was set, with a clear pathway in developing new and existing services, along with capitalising upon inorganic growth opportunities, such as strategic acquisitions and preferred partnerships.
Global demand for private wealth and corporate services has remained resilient. Macro-economic environment risk factors such as the Russian invasion of Ukraine, Covid-19 and Brexit have naturally created new challenges but are not considered to present high levels of threat to the company’s business model going forward. Several senior hires and the reorganisation of the group executive committee is intended to aid growth plans. The group is also targeting a more balanced portfolio, with private wealth currently accounting for two-thirds of revenue.
‘We have always sought to prepare for and shape the future, rather than waiting for the future to shape us,’ said Mr Fearis. ‘We believe our refocused model for the business, investment and commitment will allow our talented teams, in all jurisdictions, to drive growth and deliver on our targets, for 2025 and beyond.’