Jelf financial planning hit by poor trading conditions


    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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