Jelf Group 1H Revenue Flat On Year; Boosts Balance Sheet

LONDON (Dow Jones)--Corporate consultancy Jelf Group PLC (JLF.LN) Wednesday said first-half revenue remained flat on year as organic growth in its wealth management and employee benefits divisions offset a small decline in insurance, but it is in a strong position for future trading after boosting its balance sheet. Jelf, which completed a GBP19 million share placing in March, said its focus throughout 2010 will be on completing its investment in staffing and infrastructure before returning to mergers and acquisitions in the next fiscal year. For the six months to March 31 Jelf posted a pretax loss of GBP1.2 million compared with a loss of GBP1.4 million a year earlier. Revenue fell to GBP34.9 million from GBP35 million but net debt was reduced to GBP13.6 million from GBP38.8 million at March 31. Chairman David Walker also announced Wednesday that he plans to retire from the board at some point in the second half. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires June 16, 2010 04:11 ET (08:11 GMT)