PraxisIFM Group has reported its interim results for the six months ending 31 October 2020, which shows improved performance in key financial metrics.
Report highlights
• Revenue for the period was £29.8m (2020: £30.5m)
• Gross profit margin increased by 1% to 54.4% (2020: 53.4%)
• EBITDA increased to £5m (2020: £4.2m)
• The private client and corporate services, funds and pensions divisions delivered gross profit of £12.2m, £2.8m and £1.1m respectively
In the first half of its financial year, from May 2020 to October 2020, the group says it focused on integrating acquisitions, developing its technology platform and streamlining operations. As a result, the profit margin is up and the firm is focusing on future performance.
Chief Executive Officer Rob Fearis (pictured) commented: "While we, along with the rest of the world, have faced turbulent times this year, the determination and adaptability of our workforce has been a critical ingredient in our success."
The firm reports that while Covid-19 has slowed business conversion, PraxisIFM’s prospects remain strong and the company is well positioned to take on work when client transactions and fund launches resume.
PraxisIFM has added two Managing Directors to its management team – Joanna Caen in Hong Kong and Daniel Reynolds in the Netherlands. The selection process is also under way for a Non-Executive Chairman and Non-Executive Director, following the departure of Andrew Haining and Audit Committee Chair Iain Stokes in December.
• To view the full report click here