PraxisIFM Group's interim results for the six-month period ending 31 October 2020 show that the global professional administration services business has seen improved performance in key financial metrics.
Revenue for the period was £29.8m (compared to £30.5m in 2020), the gross profit margin increased to 54.4% (2020: 53.4%) and EBITDA increased to £5.0m (2020: £4.2m).
In the first half of its financial year, the Group has "focussed on more robustly integrating recent acquisitions; accelerated development of its technology platform and streamlining operations for more seamless group-wide collaboration and greater efficiency."
As a result, Chief Executive Officer Rob Fearis said the profit margin is up following the difficulties experienced in the previous financial year firmly.
"While we, along with the rest of the world, have faced turbulent times this year, the dedication, determination and adaptability of our workforce has been a critical ingredient in our success."
While the global pandemic has resulted in a "slowing in business conversion", PraxisIFM’s interim report indicates that the group's new business prospects remain strong.
"These interim results have shown promising progress as a Group and demonstrate the product of our collective attitude to grasp the opportunity of the year’s challenges and build ourselves up to be stronger and more competitive than ever," said Mr Fearis.
"I am incredibly proud of PraxisIFM’s formidable resilience and enterprise throughout this period, which leaves me in eager anticipation of what we can achieve when Covid-19 restrictions subside and the surge of activity commences."
The search and selection process for a new non-executive chairman and non-executive director, following the departures of Andrew Haining and Audit Committee Chair, Iain Stokes in December is "progressing well" and announcement are expect in the coming weeks.
Pictured top: Chief Executive Officer Rob Fearis.
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