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PraxisIFM reports 28 per cent revenue increase

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PraxisIFM Group has reported a strong increase in revenue of 21 per cent to GBP42.5 million, while adjusted EBITDA is GBP9.9 million, up from GBP9.0 million in 2017.

Chairman Andrew Haining says: “As a private company the Group has previously demonstrated the ability to acquire, integrate and develop its business. As a public company, we continue to build on that approach using the additional benefit of being listed to drive growth and our aim is to be at the forefront of a market that is both growing and consolidating.”
 
Global acquisitions made since our last report and new office openings have added new jurisdictions, highly skilled teams and a broader service offering.
 
“This has been a transformational period for the Group,” says PraxisIFM Group Chief Executive Officer, Simon Thornton (pictured). “We have significantly grown our international presence and client reach over the past 18 months. At the year-end we employed 430 colleagues against 300 people last year. With the addition of Nerine Group and Jeffcote Donnison, the total number of employees rises to 540 and our global office count is now 17.
 
“In preparation for that growth we have strengthened our senior management team, enhanced and improved our infrastructure and invested in our brand. These investments are necessary given the increase in scale and we believe that we are well-placed for the next stage of our development.”
 
The Group’s three main divisions all reported strong organic growth, with both Trust and Corporate Services and Fund Services growing revenue by 12 per cent. The Group’s Pension Services division grew by 173 per cent during the year, which was mainly driven by the acquisition of a 50 per cent stake in Netherlands-based corporate pension administration business, RiskCo.
 
In the Trust and Corporate Services division the main acquisition was Kompas International, with Nerine Group and Jeffcote Donnison taking place after the year-end. The recent acquisitions are in the process of being carefully integrated into the Group to ensure continuity for clients.
 
During the financial year the Group also invested in its infrastructure and brand, with IT security and core administration systems at the core of its planning.
 
“The financial services sector is in a period of significant technological change and PraxisIFM has made technology a core strand of its development strategy,’ says Dr Thornton.
 
Nearly half (43 per cent) of staff are invested in the company, either through the Group’s Buy-As-You-Earn ownership scheme, or direct share ownership, with 65 per cent of equity owned by staff.
 
“We launched our staff ownership scheme at the time of listing last year and we were delighted with the uptake,” says Thornton. “The ability for employees to have a vested interest in the Group is attractive for new recruits and we believe this gives us an edge when compared to other employers.”

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