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LONDON (Alliance News) - Fairpoint Group PLC on Thursday said it expects further progress in the second half of 2015, after reporting higher profit in the opening six months of the year.
The consumer professional services company said it made a GBP1.3 million pretax profit in the six months to June 30, compared with GBP1.0 million in the corresponding half the prior year, bolstered by the acquisitions of Simpson Millar and Fosters in June and July 2014 to grow the group's legal services offering. Fairpoint increased its interim dividend to 2.45 pence from 2.30p.
Revenue rose to GBP22.9 million from GBP13.9 million, while administrative expenses were up to GBP10.5 million from GBP7.0 million.
"Fairpoint has delivered another strong set of financial results, both in terms of profitability and cash generation, whilst continuing to execute its stated strategy of becoming a broadly based professional services group," Chief Executive Chris Moat said in a statement.
Moat said that legal services are expected to generate nearly two-thirds of group revenue in the wake of its acquisition of Colemans CTTS solicitors and Holiday TravelWatch Ltd in August for GBP8.0 million in cash and GBP1.0 million in shares.
The company agreed a new GBP5.0 million extension to a previous GBP20.0 million banking facility with AIB Group (UK) PLC, clearing the way for future acquisitions and supporting that of Colemans.
"We expect to make further progress in the second half of 2015, benefitting from the normal seasonality of the business, continued cost control and a first time contribution from the acquisition of Colemans," Chairman David Harrel said in a statement.
Shares in Fairpoint were up 3.8% at 177.50 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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