Member Article

Adlington financial services firm Fairpoint Group report successful year despite pre-tax profit down

Adlington financial services firm Fairpoint Group reports a successful year despite its pre-tax profit being down.

Pre-tax profit was £3.4m for the year compared to £5.9m for 2013.

However during 2014, the Group incurred exceptional costs of £2.5m (2013: £0.6m).

This represented £0.7m of costs in relation to the acquisition of Simpson Millar, £0.5m of costs associated with the refinance of the Group with bank AIB and £1.3m of transactional and restructuring costs in relation to the acquisition of Debt Line.

The group’s diversification into the legal sector has been successful with a revenue of £11.9m for the financial year.

Chief Executive Officer, Chris Moat, said: “2014 was a transformational year for Fairpoint as we successfully expanded into the much larger legal services market with the acquisition of Simpson Millar and reported strong growth in revenues and adjusted profits.

“Having established a significant legal services platform we expect to continue to pursue acquisition opportunities whilst also developing our organic growth agenda.

“The full year benefit of this activity will provide an important growth stimulus for 2015 and has already provided a strong start to the year.”

This was posted in Bdaily's Members' News section by Sophia Taha .