Stable revenues amid solid divisional performance announced at Praxis
The Praxis Group's re-focused strategy following the sale of its stand-alone Funds Division to Sanne Group which is subject to regulatory approval will see the business focus on its foundation pillars in both Private Wealth and Corporate Services areas which represented 72% of the Group's turnover.
Its Pensions Division will also bridge these two service lines offering an enhanced service delivery and at a local office level some funds administration will continue.
Against the backdrop of disruption caused by the global pandemic and the uncertainty created by both Brexit and the US elections the Group has delivered good results with the firm's EBITDA significantly improving (£3.4m versus -£2m) and improved net and gross cash flows.
Around 35% of the Group is owned by staff with very little change to the firm's staff numbers and strong retention rates. New business enquiries and inflows remain reassuringly strong across the Private Client and Corporate Service lines and a welcome return to client and intermediary face-to-face meetings will reinforce our many long-standing relationships.
Speaking about the results announcement Robert Fearis Chief Executive Officer of Praxis said: Looking back over the past financial year COVID-19 was a challenge faced by all and navigating the twists and turns in each jurisdiction became very much a part of our daily life. Our people and clients are at the heart of our business and our focus has always been on their safety and well-being and I believe these results demonstrate not only the quality of our business and our people but also the undoubted resilience of the sector in which we operate.
The focus on protecting the interests of our clients' and continuing to deliver the highest service standards has helped us all adapt to the frequently changing and wide-ranging restrictions placed on us. We are incredibly fortunate that the disruption that the pandemic has brought has had no financial impact on the Group and while we remain vigilant we look ahead with a renewed focus.