Praxis Announces Record Results
Praxis has announced record results with group revenue jumping by 26% to £35.1m.
This figure includes a £4.5m uplift in organic revenues during 2017 representing double-digit growth and five-year and 12-year growth rates of 17% and 13% respectively.
The company has seen reported EBITDA grow by 29% to £8.3m and the board has declared a dividend of 1p per share.
'Praxis continues on its strategic journey to grow the business via a combination of organic growth driven by its entrepreneurial and professional ethos and acquisition of businesses that strengthen the three service divisions develop a global network and attract key personnel' said Simon Thornton CEO of Praxis.
Dr Thornton added that the company's financial performance is being driven by a strong pipeline of new business the successful integration of acquisitions and the opening of a new Abu Dhabi office. As a business Praxis has also strengthened the management team and enhanced our governance regime as part of a strategic review.
With more than 300 staff across multiple jurisdictions Praxis is one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.
The company provides professional administration services in three sectors Trust and Corporate Investment Funds and Pensions. 2017 has seen significant growth in all three divisions.