Fairpoint's interim revenue surges

(ShareCast News) - Professional services provider Fairpoint posted an increase in interim profit on the back of a surge in revenue.The London-listed company said revenue grew 64% year-on-year to £22.9m in the six months to the end of June, while adjusted profits before tax climbed 21% to £4.1m.Fairpoint said its interim results were "significantly" ahead of the previous year, driven by the expansion of its legal services segment, which now accounts for 49% of total revenue compared with 8% a year ago.Reported profit before tax increased by 27% to £1.3m, while basic earnings per share jumped 25% year-on-year to 2.33p.Group chief executive Chris Moat said the group had delivered another strong set of financial results, both in terms of profitability and cash generation, and continued to execute its expansion plans."The addition, post period end, of Colemans in August 2015 now means that on a pro forma basis, legal services is expected to represent almost two thirds of the group's revenues," he said."This is expected to provide an important growth stimulus for the remainder of 2015 and beyond and the group is well placed to develop upon the considerable opportunities within the legal services marketplace, both organically and by acquisition."Fairpoint shares were up 3.4% to 176.89p at 1153 BST on Thursday.