company unveils new branding as it continues its growth model, announcing healthy interim results
LONDON, October 10, 2022 /PRNewswire/ — Praxis, a global financial services company listed on the International Stock Exchange (TISE), announced positive interim results for the six months ending June 30, 2022. Praxis has also launched a refreshed brand, under the Praxis name. This is the new brand name of the PraxisIFM Group.
Celebrating its 50th anniversary, Praxis recorded sales of £23.6m and adjusted EBITDA of £2.8m. Gross profit margin increased by 3% during the period thanks to efficiency gains initiated in 2021, in line with the Group’s focus on operating expenses. During the six month period, the Group converted its previous net debt to net cash position of £2.6. m, continuing its path of improvement.
Following the sale of the Fund Services division last year, the Group returned £40 million to shareholders and reduced its term debt, strengthening its balance sheet. The Group is also pleased to announce that it has declared an interim dividend for the current year of 1.25 pence payable to shareholders. Additionally, as the business continues to grow, the dividend is expected to increase gradually, in line with earnings growth.
The improvement in half-year results comes at the right time, at the start of the Group’s new strategic trajectory. Launched in March this year, the strategy is centered on a focus on private banking and business services, delivering an exceptional client experience, accelerating business growth and transforming the business model. business operations. The company is on track with its plan, with positive signs of resilience and revenue growth now emerging.
Looking ahead, the recent appointment of a Londonbusiness manager to help accelerate revenue growth is an important development. The appointment is also a commitment to improving levels of customer service and efficiency through process and system improvements that will improve overall business performance.
Amid the 50th anniversary celebration and interim results, the updated brand announcement underscores the group’s growth ambitions and redefines the company’s image at this important time. This is a key element of the alignment of the Group, its employees and its stakeholders to contribute to continued growth. The renewed brand image respects the Group’s heritage and aims to ensure that its identity corresponds to its future aspirations, its new projects and its development while remaining faithful to its values.
Robert FearisCEO of Praxis, said: “I am pleased with where we are at the end of these six months. We continue to make progress on our strategic journey that is fully focused on improving our customer experience, transforming our operating model and prioritizing workflows that will help us to deliver benefits to our shareholders, our team and our other stakeholders. The continued support of our shareholders and the commitment of our people are essential pillars of our service delivery plan. We believe that we have a strong team and motivated whose interests are aligned with those of our stakeholders.
“Our refreshed brand is a clear public statement that the business is changing to reflect our approach to our client relationships and enhance shareholder value. As Praxis, we remain committed to providing open ideas to our clients and their advisors. so they can better compete in today’s dynamic business landscape. These improved results and new corporate identity came the week we met with staff, customers and advisors at an event in London to celebrate our 50th anniversary. There was no better place to toast our continued evolution than the iconic Gherkin, and we appreciated having the opportunity to welcome and meet our guests again.”
The full unaudited interim results for the six months to June 30, 2022 can be downloaded and viewed here.
Notes to Editors
With effect from May 1, 2021, the Group changed its accounting reference date from April 30 to December 31 to align its financial year-end with the calendar year and the industry standard. The comparisons of October 31 were included as the last published intermediate result. The comparative total includes the discontinued operations of the Funds division.
Praxis provides professional administration services in the areas of private wealth, pensions and corporate from a network of offices in 16 key jurisdictions around the world.
Based in the Channel Islands, Praxis is the trading name of PraxisIFM Group, listed on the International Stock Exchange. Praxis is one of the largest independent financial services groups headquartered in Channel Islands. The group recorded revenue of £30.6million in the eight-month period to December 31, 2021 and employs approximately 400 people worldwide.
PraxisIFM became Praxis in September 2022 as part of the Group’s 50th anniversary celebrations and to better reflect the company’s continued evolution towards private wealth management and corporate services.