PraxisIFM reports revenue increase

Friday 19 October 2018

PraxisIFM Group has reported a strong increase in revenue of 21%.

Its 2018 annual results were announced at the end of last month, and show revenue to be up £42.5m., all with a significant investment made in the platform while it has maintained its gross profit margin.

Additionally, the company has seen organic growth of 2% and dividend payment of 2p per share.

"As a private company the Group has previously demonstrated the ability to acquire, integrate and develop its business," Chairman Andrew Haining said.

"As a public company, we continue to build on that approach using the additional benefit of being listed to drive growth and our aim is to be at the forefront of a market that is both growing and consolidating."

Global acquisitions made since Praxis' last report and new office openings have added new jurisdictions, highly skilled teams and a broader service offering.

"This has been a transformational period for the Group," PraxisIFM Group CEO, Simon Thornton, added, "We have significantly grown our international presence and client reach over the past 18 months. At the year end we employed 430 colleagues against 300 people last year. With the addition of Nerine and Jeffcote Donnison, the total number of employees rises to 540 and our global office count is now 17.

"In preparation for that growth we have strengthened our senior management team, enhanced and improved our infrastructure and invested in our brand. These investments are necessary given the increase in scale and we believe that we are well-placed for the next stage of our development."

The Group’s three main divisions all reported strong organic growth, with both Trust and Corporate Services and Fund Services growing revenue by 12%. The Group’s Pension Services division grew by 173% during the year, which was mainly driven by the acquisition of a 50% stake in Netherlands-based corporate pension administration business, RiskCo.

In the Trust and Corporate Services division the main acquisition was Kompas International, with Nerine Group and Jeffcote Donnison taking place after the year end. The recent acquisitions are in the process of being carefully integrated into the Group to ensure continuity for clients.

Pictured: Simon Thornton.