Operating profits leap at Jelf

Independent financial consultancy, Jelf Group, has 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.Non-executive chairman, Les Owen, said the firm was on track to deliver another good set of results in 2011 and was "well positioned to benefit from the economic recovery as it unfolds".However, the company said its plans to go hunting for acquisitions had been slowed due to the lack of reasonably priced targets.Jelf said the market for advice on employee benefits continued to grow but its insurance and financial planning divisions were having a tougher time in the current economic environment.The revenues for its insurance business improved marginally, while revenues in financial planning fell 11% year-on-year.