RNS - half yearly report5 Sep 2014 11:14
In the six months ended 30 June 2014, the Group achieved year on year net fee income ("NFI") growth of 6% with £3.9 million compared with £3.7 million in H1 2013
· Operating profit for H1 2014 of £0.1 million compared with a loss of £1.0 million in H1 2013
· Increased savings made by streamlining administrative expenses (exclusive of impairment), resulting in an 18.6% reduction against the comparable period in the prior year and an 8.2% reduction against second half of 2013
· Adjusted EBITDA profit of £0.3 million (six months ended June 2013: loss of £0.5 million) - see note 2
· Cash inflow from operating activities of £1.1 million (six months ended June 2013: £0.3 million)
Operational summary
· Ongoing investment in I.T systems and processes to improve efficiency and increase
performance
· 19% year on year improvement in NFI per fee earner
· Strategic closure/consolidation of five branches into two new offices
RK
· Improved performance across H1 with 8.2% uplift in NFI compared with H2 2013
Berkeley Scott
· H1 2014 NFI of £2.2million compared with £2.1million in H1 2013
· Significant market engagement with a number of large PSL wins as well as new business from
previously dormant accounts
Quantica
· Quantica Technology saw new strategic appointments in two new business operations
managers to drive the London business forward
· Headcount also rose in the already established Birmingham and Elland offices with key new
hires whilst also monopolising other areas of growth
· Significant client win in Search and Selection; KP Snacks
· Business well positioned for further growth in H2 2014