Jelf’s profits fall despite turnover boost

by David Masters

Story link: Jelf’s profits fall despite turnover boost

UK-based insurance company Jelf Group has reported its results for the six month period ending 31st March 2008 with turnover up 49% on year to £25 million.

However, despite this increase in turnover and 13% organic growth, pre-tax profits on year were down.

Jelf reported pre-tax profits of £738,000 for the six month period, compared to £787,000 for the same period the previous year.

The fall in profits is largely due to a rise in administration costs of over 50% from £14.1 million a year ago up to £21.4 million.

The company also paid £12.1 million during the quarter in acquisition costs.

Commenting on the results, CEO Alex Always, said that despite competitive market conditions the company remains strong.