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Jelf financial planning hit by poor trading conditions

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    Financial services consultancy Jelf has reported an increase in profit after tax of close to 25 per cent, despite its financial planning division suffering a drop in revenue that was blamed on the prevailing weak investment market.

    The company reported overall net profit of £3.5m for the year ended 30 September 2012, up 23.5 per cent from £2.8m the previous year. Earnings before interest, tax, debt and amortisation (Ebitda) were £11.6m, up 11.6 per cent from £10.1m the previous year.

    However, the company’s financial planning business reported a 5.3 per cent fall in revenues to £7.1m. Ebitda for the business increased to £294,000 compared to a mere £18,000 the previous year, due in large part to £264,000 spent on reorganisation and streamlining the division.

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    Alex Alway, group chief executive of Jelf, attributed this performance to poor trading conditions.

    He said: “It continues to be a difficult wider environment for investments with all the problems associated with sovereign and private debt.”

    Regarding the company’s preparation for the Retail Distribution Review, Mr Alway said: “We now have a new investment proposition, we have segmented our client base, we have new literature and a new preferred platform provider.”

    Financial planning accounts for about 10 per cent of Jelf’s total revenue.

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