Jelf posts £0.4m six-month loss

by David Masters

Story link: Jelf posts £0.4m six-month loss

Financial consultant Jelf Group has posted an operating loss for the six months ending 31 March 2009, despite revenues increasing 40%.

Revenues for the interim period grew to £35.0 million, up 40% compared to revenues of £25.0 million during the same period in 2008.

However, the company reported an operating loss of £0.4 million, compared to an operating profit of £1.6 million for 2008.

Pre-tax losses for the period were £1.3 million.

The company blamed the loss on restructuring costs and increased amortization.

Chief executive Alex Alway said he expects to see little change to challenging market conditions during 2009.

“Market conditions remain extremely difficult and I do not expect that to change this year,” said Alway.

“Furthermore we have yet to see the benefits of a hardening of insurance rates in the market.

“Despite these external factors, the overall growth in our revenues and profits highlights the resilience of the business.”