PraxisIFM Group has reported revenue of £42.5 million, representing a strong increase of 21 percent in its 2018 annual results.
The firm also reported an increase in adjusted EBITDA , from £9.0 million in 2017 to £9.9 million this year.
Additionally, the group’s three main divisions all reported strong organic growth, with both trust and corporate services and fund services growing revenue by 12 percent. The group’s pension services division grew by 173 percent during the year, which was mainly driven by the acquisition of a 50 percent stake in Netherlands-based corporate pension administration business, RiskCo.
The trusts and corporate services division also made acquisitions, most notably that of Kompas International.
Global acquisitions and new office openings have added new jurisdictions, highly skilled teams and a broader service offering, with the firm currently employing 430 people, compared with 300 last year. This figure is set to rise to 540 employeees and 17 offices globally with the latest trust and corporate services acquisitions of Nerine Group and Jeffcote Donnison, which took place after the year end.
PraxisIFM Group chief executive Simon Thornton commented: “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.”
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, having made technology a core strand of its development strategy, the firm said.
Additionally, nearly half (43 percent) of staff are invested in the company, with 65 percent of equity owned by staff, which allows “employees to have a vested interest in the group”, said Dr Thornton. He continued to say this “is attractive for new recruits and we believe this gives us an edge when compared to other employers.”
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