Acquisitions boost growth further at PraxisIFM Group
GUERNSEY-headquartered PraxisIFM is continuing to deliver strong growth, as borne out by trading performance, according to the group’s chief executive officer.
Simon Thornton said that the acquisitions of InAdmin, Global Forward, Nerine and Jeffcote Donnison have further boosted revenue growth for the independent financial services group.
Interim results for the group’s performance in the half year ended October 2018 showed that revenue for the period was £31.9m. – up 67% compared with the same period in the prior year.
The board declared a dividend of 1.75p per share.
‘The group has continued to deliver strong growth, with its three core divisions performing well,’ said Dr Thornton.
‘The acquisitions we have made have added to our scale as well as increased geographical reach, and we see opportunities to develop our wider service offering into our new offices. We continue to focus on organic growth and maintain a healthy new business pipeline.’
He added: ‘We are concentrating on integrating our newly acquired businesses into the group, while maintaining our entrepreneurial and intelligent approach to our business.’
Adjusted earnings before interest, tax, depreciation and amortisation rose by 52% to £7m. The group’s headcount increased to 550 and from nine to 17 jurisdictions.
Organic growth was up eight percent with continuing investment into marketing to maximise business opportunities.
Alongside a continued focus on the integration of recent acquisitions over the next six to 12 months, PraxisIFM is planning for the accelerated development of its technology platform. It also continues to encourage staff participation in the group’s equity, with a second buy as you earn scheme during the period seeing significant uptake.
