The PraxisIFM Group has reported a 7% increase in revenue to £60.5m (2019, £56.3m).
In its annual results for the year ended 30 April 2020, the financial services group acknowledged the challenges of a difficult 12-month period and outlined the actions taken to refocus the business.
The key points from the period are:
• Continuing revenue growth of 7% (2019, 45%)
• Gross margin on continuing operations of 51% (2019, 54.1%)
• Net loss of £2.7m (2019, profit £9.7m)
• Underlying EBITDA of £11.5m (2019, £11.8m)
• 50% of group owned by staff
• Disposed of InAdmin RiskCo Group
The full report can be found here.
Chairman Andrew Haining (pictured) said a combination of factors had contributed to a difficult year for the group, including the impact of Covid-19 during the final quarter and recognition that changes to the group’s acquisition strategy and organisational structure needed to be made.
He said the group had moved quickly to refocus on its core business strengths.
"This strategy has come at a cost, but we believe it is a cost that will produce a more efficient and robust business, one that is fully equipped to adapt and grow in the coming years," he said.
"At every level across our globally expanding business, everyone has stepped up to rethink, reorganise, and create a more efficient, more flexible and ultimately more resilient operation."
The group said it continues to generate organic revenue growth and is making good progress on reducing its cost base, with a number of changes implemented by the senior management team in the fourth quarter.
Andrew Haining and Iain Stokes have decided to stand down as Chairman and Director respectively. Haining will retire from his position when a successor has been appointed, it is envisaged by 30 April 2021. Stokes’ retirement date is yet to be confirmed.