Jelf pleases investors with positive update

Independent financial services consultancy Jelf said that it was on track to meet full year expectations."The group has traded well in the second half of the year and results are expected to be in line with market expectations, despite the continued economic downturn," it said.The firm's shares rose 3% following the announcement."Net debt has considerably reduced and, although the board remains cautious about the economic outlook, it is appraising a number of investments aimed at generating future economic growth," it added.In June Jelf revealed a 49% jump in operating profits for the six months to 31 March 2011. The firm posted a profit of £1.5m due, it said, to "a continuing focus on cost control and operating efficiencies". Group revenues were in line with forecasts at £35m, while before interest, tax, depreciation, amortisation and exceptionals increased by 2.0% on the previous year to £4.2m. Jelf also said profit before tax improved from a £1.2m loss in 2010 to a £0.8m profit in the first half of the current financial year. It will announce its preliminary results for the year ended 30 September on 13 December 2011.