Overall the group reported an operating loss of £5.3m., slightly worse than its 2021 result, but there was a massive turnaround in EBITDA from a £60,000 loss to £919,000, and underlying EBITDA was up at £5.2m., with restructuring and transformation costs removed.
The 12-month period saw the group, which is listed on The International Stock Exchange, return to revenue growth in each of its key markets and continue to operate effectively during a period of global uncertainty, returning £40m. of capital from the sale of its fund management division to shareholders, further reducing its net debt and paying its first shareholder dividend since 2019.
As Praxis focused on its private wealth and corporate services, each of the group’s jurisdictional reporting lines showed stable or improved revenue and gross profit margin.
In Guernsey, both its private wealth and pensions businesses returned to growth during the year.
‘While 2022 was a year of consolidation, 2023 is pivotal as we embed the four pillars of our strategy, refine our processes and deliver material improvements to our growth trajectory,’ said CEO, Rob Fearis, pictured, who celebrated 30 years with the company in 2022, its 50th anniversary year.
‘We will continue to focus on protecting our clients’ interests, deepening our relationships with our intermediaries, and rewarding our shareholders.
'We will also be dedicated to ensuring that our people continue to view Praxis as an employer who values them and their individual contributions.’
After the year end, the group issued an unsecured £15m. bond, the proceeds of which were used to repay loan facilities and finance its acquisition of Sarnia Yachts, which adds the provision of superyacht ownership and operational services to its portfolio, and a significant client base.
‘We are incredibly excited about this acquisition,’ said Mr Fearis.
‘There is great synergy between our businesses.'