Jelf reports revenue and profit growth
Jelf has revealed a 1.9% increase in group revenues to £35.9m (H1 2012: £35.2m) as Ebitdae grew 14.3% to £5.1m in the six months to the end of March 2013.
Simultaneously with its results Jelf announced the purchase of The Insurance Partnership for £12m, with a potential further performance-related payment of £3.5m.
The interim results also showed that net debt had grown to £1.4m (H1 2012: £1.1m), however the company has put in place a new £22m banking facility with Barclays to pay down existing debt and provide funds for future investment.
It added that the interest rate payable on this debt is less than half that which it replaced.
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