Guernsey-headquartered corporate services provider PraxisIFM has announced a strong set of figures in its 2018 annual results.
The group experienced a busy financial year, making three acquisitions in the Netherlands and opening offices in London and New York. Two further acquisitions after the end of the company's financial year have taken its headcount to 540 people across 17 jurisdictions.
The company, which is listed on Guernsey-based The International Stock Exchange, recorded revenues up 21% to £42.5 million, although net profit was down year-on-year from £5.5 million to £3.3 million. The company said this was due to the significant investments made during the year, with CEO Simon Thornton saying these were "in the best interests of the group as we continue to develop, even though they have had a short-term impact on profit and EBITDA".
He described the year as a "transformational period for the group".
"We have significantly grown our international presence and client reach over the past 18 months. We believe we are well placed for the next stage of our development.
"The financial services sector is in a period of significant technological change and PraxisIFM has made technology a core strand of its development strategy," Dr Thornton added.
PraxisIFM offers professional administration services for corporate and private clients, investment funds and pensions. Its pensions business saw largest percentage growth during the year, but all three sectors improved performance.
Chairman Andrew Haining said: "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."
PraxisIFM listed on TISE in April 2017. Now nearly half of its staff are invested in the company, through the Group's Buy As You Earn ownership scheme, or direct share ownership, with 65% of equity owned by staff.
"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," said Dr Thornton.
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
