MJ Hudson Marks Good Underlying Growth Despite Knock In Second Half

(Alliance News) - MJ Hudson Group PLC on Monday reported a strong balance sheet and good group ...

Alliance News 20 July, 2020 | 3:11PM
Email Form

(Alliance News) - MJ Hudson Group PLC on Monday reported a strong balance sheet and good group underlying revenue growth in the financial year just ended.

In the 12 months ended June 30, the asset management consultancy said its underlying revenue grew 24% to approximately GBP20.8 million from last year's GBP16.7 million. Over 92% of its underlying revenue growth was recurring.

The balance sheet had a net cash of GBP10.1 million at the end of the financial year.

The company said it expects its profits for the year to be in line with market expectations.

MJ Hudson's underlying revenue grew by 7.4% year on year, on an organic basis, representing a significant slowdown compared to the first half of the financial year to December 31, which saw organic growth of 13%. The drop-off was blamed on the effects of the Covid-19 pandemic.

MJ Hudson said: "The Covid-19 pandemic has caused a freezing of new private funds launches and thus held back revenue in our advisory division in the four months to end June 2020.

"Despite that, June remained the strongest revenue month for the group and the division in the second half of the financial year, as has been the pattern in prior years.

"Although organic underlying revenue growth on a consolidated basis was flat in our second half, this is an encouraging result."

MJ Hudson shares were down 2.0% at 48.00 pence in London on Monday afternoon.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
MJ Hudson Group PLC 39.50 GBX 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies