Jelf Group made a profit of £800,000 in the six months to March 31, following a loss of £1.2m in the same period the previous year.
The independent consultancy firm’s interim results, published this week, show financial planning revenues fell by 11 per cent to £3.9m in the six months to March 31, down from £4.4m in March 2010. Employee benefit revenues reached £8.8m, up by 7 per cent from £8.4m in the six months to the end of March 2010. Funds under advice grew by 12 per cent from £446m to £500m.
Non-executive chairman Les Owen says: “The business has performed well in the first half of the year, both in terms of improving underlying profitability and maintaining a strong balance sheet. We remain on course to deliver another good set of results in 2011.”
Churchouse Financial Planning director Keith Churchouse says: “Jelf has been working extremely hard to raise its profits and its market presence over the last 12 to 18 months and this is demonstrated in these results.”