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Jelf Group plc: Interim Results For The 6 Months Ended 31 March 2015

Jelf, an independent full service UK based brokerage that supports businesses and individuals, announces its interim results.

Financial highlights 

Strong financial performance continues:

  • Revenues 11.0% ahead of last year at £43.7m (2014: £39.3m)
  • EBITDAE pre-share costs increased by 24.6% to £8.1m (2014: £6.5m)
  • EBITDAE margin pre-share costs increased by 12.3% to 18.5% (2014: 16.4%)
  • Fully diluted Earnings per Share increased by 12.8% to 1.67p (2014: 1.48p)
  • Interim maiden dividend of 0.8p

The business continues to be cash generative and £2.5m of debt has been repaid early:

  • Net debt is £27.6m (excluding deferred consideration net debt is £15.2m) compared to net debt of £13.1m (excluding deferred consideration net debt is £8.9m) at 31 March 2014 reflecting the acquisition of The Beaumonts Insurance Group in December 2014.

Operating highlights

  • Organic growth achieved of 4.2% (excluding the impact of acquisitions)
  • The Insurance business EBITDAE has increased by 18.2% to £5.3m (2014: £4.4m)
  • Employee Benefits EBITDAE has increased by 27.2% to £1.7m (2014: £1.4m)
  • Financial Planning EBITDAE has increased by 167% to £299k (2014: £112k)
  • Margins continue to improve whilst at the same time investment continues to be made in both sales capability and infrastructure
  • Jelf Insurance Partnership delivered £5.2m of revenues (2014: £4.7m) and £762k of EBITDAE (2014: £550k). It is on track with expectations and capturing the expected synergies of the acquisition
  • The Beaumonts Insurance Group, acquired in December 2014, is trading strongly and capturing the acquisition synergies ahead of expectations
  • Awarded Investor in Customers highest ‘3 Star’ accolade for client service for the third year running

Commenting on the results Alex Alway, Group 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.”

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