(Alliance News) - MJ Hudson Group PLC on Monday reported a strong balance sheet and good group underlying revenue growth in the financial year just ended.
In the 12 months ended June 30, the asset management consultancy said its underlying revenue grew 24% to approximately GBP20.8 million from last year's GBP16.7 million. Over 92% of its underlying revenue growth was recurring.
The balance sheet had a net cash of GBP10.1 million at the end of the financial year.
The company said it expects its profits for the year to be in line with market expectations.
MJ Hudson's underlying revenue grew by 7.4% year on year, on an organic basis, representing a significant slowdown compared to the first half of the financial year to December 31, which saw organic growth of 13%. The drop-off was blamed on the effects of the Covid-19 pandemic.
MJ Hudson said: "The Covid-19 pandemic has caused a freezing of new private funds launches and thus held back revenue in our advisory division in the four months to end June 2020.
"Despite that, June remained the strongest revenue month for the group and the division in the second half of the financial year, as has been the pattern in prior years.
"Although organic underlying revenue growth on a consolidated basis was flat in our second half, this is an encouraging result."
MJ Hudson shares were down 2.0% at 48.00 pence in London on Monday afternoon.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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