Trading Update24 Jan 2020 07:28
The Board is pleased to report that following the progress made in the first six months of 2019, the underlying growth in revenue and improvement in operating results has continued into the second half of the year. This has seen the company return to profitability for the full year to 31 December 2019. A turnaround and transformation of this scale is pleasing, particularly when many in our industry are referencing lower than anticipated UK trading and significant disruption in H2 2019 due to political and Brexit uncertainty.
Highlights:
o Group Revenues increased YoY by 22% to £11.5m (2018 £9.4m)
o Group Net Fee Income increased YoY by 15% to £7.6m (2018 £6.6m)
o Group returns to full year profit for 2019
o Good H2 results bettering H1
The table below represents the progress made by the Group since 2017.
2017 2018 2019
Group revenue (£m) 6.5 9.4 11.5
Net fee income (£m) 5.0 6.6 7.6
The Group anticipates releasing the full results for FY2019 in early April.