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LONDON (Alliance News) - Fairpoint Group PLC Tuesday reported a fall in annual pretax profit as revenue growth was more than offset by higher costs associated with administration and amortisation, but the consumer professional services company said it has had a strong start to 2015.
In a statement, Fairpoint said it made a GBP3.4 million pretax profit in 2014, compared with GBP5.9 million in the prior year. Excluding amortisation and acquisition and refinancing charges deemed by the company to be exceptional, pretax profit increased to GBP9.3 million from GBP8.1 million.
Fairpoint increased its dividend for the year to 6.40 pence per share from 6.00p in the prior year.
Revenue swelled to GBP38.3 million from GBP28.4 million but Fairpoint was hit by a leap in overall administrative expenses, which include amortisation, to GBP18.8 million from GBP12.0 million.
Chairman David Harrel said the group expects to make progress in 2015 and the coming years, citing the acquisitions of legal services business Simpson Millar LLP Solicitors in June 2014 and then family law specialist Foster and Partners LLP Solicitors in July.
"We anticipate targeting further value-enhancing acquisition opportunities during 2015 to allow us to consolidate our market position," Harrel said.
Fairpoint shares were up by 5.2% at 125.75 pence per share on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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