UPDATE: Jelf Group Confident For 2H After Debt-Cutting 1H

(Adds executive comments and share price.) By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Corporate consultancy Jelf Group PLC (JLF.LN) Wednesday said it is in a strong position for future trading after slashing net debt in the first half despite revenue remaining flat on year. The company said organic growth in its wealth management and employee benefits divisions offset a small decline in insurance. Chief Executive Officer Alex Alway said he expect net debt to fall further in the second half as the company pays down some outstanding deferred consideration from acquisitions made two years ago. "We're going to focus on paying down debt and investing in the company and consider acquisition activity in the next fiscal year," he said. "We're reasonably confident in trading going forward." For the six months to March 31 Jelf, which completed a GBP19 million share placing in March, 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. At 1107 GMT, shares were up 1.5 pence, or 4%, at 39 pence, while the wider FTSE AIM All-Share was up 0.2%. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires June 16, 2010 07:14 ET (11:14 GMT)