Jelf, the independent consultancy which provides a broad range of insurance, financial services and employee benefits to corporates and individuals, says it "has enjoyed a positive start to the year" and is trading in line with expectations.
Part of Jelf’s employee benefits business is located in Wootton Bassett and the Yate-based group has a total of more than 30 branches throughout England and South Wales. These have mainly been added through a spate of acquisitions over recent years, including the 2006 takeover of Auto Business Solutions, based in Chippenham.
It defied the continued economic downturn last year to produce full time pre-tax profits up from £278,000 to £3.2m and also significantly strengthened its balance sheet with net debt down from £7.3m to £3m. According to today's London Stock Exchange statement, its focus remains on margin improvement while net debt continues to reduce in line with management's expectations.
It adds that while the board remains cautious about the economic outlook, it continues to invest in future growth and consider additional investment opportunities. Results for the six months to March 31 will be announced on May 8.
The shares rose 2.3% or 1.5p to 66p in early trading, still well down on their year's high of 80p in late January.
