PraxisIFM Group has announced its latest results, for the year ending 30 April 2021. The key points are as follows:
• Turnover (from continuing operations) £59.2m (2020: £60.46m)
• Gross profit (from continuing operations) £32.2m (2020: £31.06m)
• Operating loss (from continuing operations) £3.4m (2020: £4.87m)
• Revenue growth -2% (2020: 7%)
• EBITDA £3.4m (2020: -£2m)
• Underlying EBITDA £11.4m (2020: £11.5m)
• Private client and corporate gross profit margin 55% (2020: 54%)
• Funds gross profit margin 49% (2020: 42%)
• Pensions gross profit margin 62% (2020: 70%)
• Net cash flow £2.9m (2020: -£1.3m)
• Operating cash flow £7.9m (2020: £2.8m)
• Net debt £6.6m (2020: £11.6m)
The group said its revised strategy following the sale of its funds division to Sanne Group, which is subject to regulatory approval, will see the business focusing on private wealth and corporate services, which represented 72% of the group’s turnover.
The pensions division will bridge these two service lines, offering enhanced service delivery, and at a local office level some funds administration will continue, the firm said.
Robert Fearis (pictured), Chief Executive Officer of PraxisIFM, commented: “Covid-19 was a challenge faced by all, and navigating the twists and turns in each jurisdiction became a part of our daily life.
"These results demonstrate not only the quality of our business and our people, but also the resilience of the sector in which we operate.
“The disruption the pandemic has brought has had no financial impact on the group, and, while we remain vigilant, we look ahead with a renewed focus.”
• The full 2021 annual results report is available here