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Daily Insurance Industry News
Wednesday 22nd of May 2019
June 16, 2010

Jelf reports £616k loss as revenues remain flat

by Gill Montia

Story link: Jelf reports £616k loss as revenues remain flat

Jelf Group has reported that revenues for the six months to the end of March 2010 were in line with a year earlier, at £34.9 million, with some organic growth at its wealth management and employee benefits units having offset a small decline in its insurance business.

Operating profit came in at £997,000, compared with an operating loss of £429,000 in the same period of 2009.

The group posted a £616,000 net shareholder loss for the half year, at least showing an improvement on last year (£949,000).

Furthermore, the company’s net debt reduced to £13.6 million, down from £38.8 million at the end of March 2009.

Commenting on the results, chairman David Walker says: “Insurance lapses remained above trend, largely due to the effects of the weak economy on our client base but were offset by strong new business growth which was up 38% year-on-year.”

He adds: “We are now in a strong position to benefit from the economic recovery as it unfolds, with the financial flexibility to invest in the business and take advantage of any opportunities to enhance shareholder value.”

 

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