Insurance, brokerage and advisory business Jelf Group has seen revenues increase 11 per cent ahead of last year at £43.7m, compared to £39.3m.
Interim results, published today (11 May), also show earnings before tax and exceptional expenses for the financial planning side of the business increased 167 per cent to £299,000 from £112,000 in 2014.
For the insurance business earnings were up 18.2 per cent to £5.3m, while the employee benefits division saw pre-tax and interest earnings increase by 27.2 per cent to £1.7m.
Overall net debt was £27.6m, compared to net debt of £13.1m at the end of March 2014, reflecting the acquisition of Beaumonts Insurance Group in December, which the statement noted was “trading strongly and capturing the acquisition synergies ahead of expectations”.
Meanwhile, organic growth, excluding the impact of acquisitions, was 4.2 per cent, as margins improved and investment was to be made in both sales capability and infrastructure.
Jelf Insurance Partnership delivered £5.2m of revenues, up from £4.7m in 2014, and £762,000 of pre-tax earnings, compared to £550,000 in 2014.
Alex Alway, the group’s chief executive, said: “I am pleased that all our businesses are trading strongly and outperforming last year and we expect to continue this trend in the second half of the year.
“Our acquisitions are integrating well into the Jelf business and delivering positive benefits.”
peter.walker@ft.com
