LONDON - Adsure Services PLC (AQSE: ADS), a provider of business assurance services, has reported a significant increase in financial performance for the six-month period ending September 30, 2024. The company, which operates across various sectors including Housing, Healthcare, and Education, announced a 19% rise in revenues to £5.06 million, up from £4.25 million in the same period of 2023.
The Group's gross profit saw a 46% increase to £1.67 million, compared to £1.14 million in the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 232% to £0.55 million, a substantial rise from £0.16 million in 2023. Profit before taxation stood at £0.33 million, marking a turnaround from a loss of £0.03 million in September 2023.
Adsure's balance sheet remains solid with cash and cash equivalents at £0.78 million, although this is a decrease from the £1.26 million reported in 2023. The company's net assets increased to £0.77 million, up from £0.37 million at the end of September 2023.
The company also declared a dividend payment of 0.786 pence per share, to be paid in January 2025. This represents a 60.4% increase per share compared to the first interim dividend of 0.49 pence paid in April 2024. Since its initial public offering in 2023, Adsure has paid or declared a total of 2.266 pence per share in dividends.
Operational highlights for the first half of the financial year included improved profitability per staff member, the successful implementation of a new sector-led approach to business development, and the launch of the Innovate UK funded Artificial Intelligence project, TIAA Insight. The company has also invested in digital connectivity and continued trading with other B-Corporations, highlighting its commitment to social value.
Looking ahead to the second half of the financial year, Adsure aims to further refine its operating model to take advantage of growth opportunities in its target markets and to consider the latest innovations in software to enhance the efficiency of its core services.
Kevin Limn, Chief Executive Officer of Adsure Services PLC, expressed satisfaction with the Group's performance, attributing the growth to the dedication of staff and the compelling services offered to customers. He noted that the second half of the year has started positively, with strong momentum in both the Risk & Assurance and Risk & Advisory divisions.
This financial update is based on a press release statement issued by Adsure Services PLC.
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