Jelf pays maiden dividend

Independent financial services consultancy Jelf lifted full year revenue and offered a maiden dividend payment despite volatile and uncertain markets.

Pre-tax profit rose to £3.9m for the year ended September 30th 2012 from £3.2m the year before. Revenue for the period increased to £73m from £72.1m the year before.

Earnings per share increased 23% to 3.2p while net cash increased to £2.8m from net debt position of £3m the year before.

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Sales at its insurance business rose 3% to £46.1m as margins improve.

"Bearing in mind the continuing soft insurance premium rating environment and intense competition at renewal, the 3% increase in Jelf Insurance Brokers revenue represents a good outcome and compares favourably with market growth in our core segments and with the performance of our key competitors," the group said in a statement.

Organic sales in the healthcare division of the employee benefits business rose 4.4% to £11.9m.

Chief Executive Alex Alway commented: "Strong trading during 2011/12 has enabled us to increase our income whilst the EBTIDAE profit margin has improved to 15% from 14% in 2011."

Trading since the start of October has been in line with company expectations and it is confident of further progress in the financial year ahead.

A maiden dividend payment of 1.3p per share has been announced to shareholders on the register by December 28th 2012.

CJ