Jelf reports mid-year profits
By Effective Communication
Jelf, whose insurance division is currently expanding its operation in South Wales, has reported increased profits and margins for its half-year to 31 March 2011.
The company, which provides independent advice on insurance, employee benefits, healthcare and financial planning, recorded profit before tax for the period of £800,000 – up from a £1.2m loss in 2010. Revenue also increased to £35m from £34.9m the previous year.
The Group saw a 49 per cent rise in operating profits to £1.5m. Earnings before interest, tax depreciation, amortisation and exceptional costs increased two per cent year on year to £4.2m from £4.1m and £1.5m of debt was repaid early as strong cash generation continued. Across the group, the funds under advice rose to £500m from £446m in 2010.
Chief executive Alex Alway said: “The wider economic climate remains challenging but Jelf has maintained its revenue levels and, thanks to the continued focus on operational efficiencies, both profits and margins have increased.
“We remain on course to deliver another good set of results in 2011. This, coupled with a strong balance sheet, puts the Group in an excellent position to take advantage of future opportunities.
“After reviewing the Group’s strategy and operations I am confident that we have strong positions in all our chosen market segments and that we have the leadership, management capability and financial flexibility to invest in organic growth opportunities and in selective ‘bolt on’ acquisitions.
“We are well positioned to benefit from the economic recovery as it unfolds.”
Jelf’s focus remains on improving margins through operational improvements. It is continuing to invest in both people and systems and has established academies for sales executives and managers. And for the third consecutive year the company has been awarded 2 stars for “outstanding” customer service from Investor In Customers (IIC).
Tags: Alex Alway, Insurance company South Wales, Investor In Customers, Jelf
