Profits fall amid tough economy but revenue rises and investment continues
Henderson’s after-tax profits fell 88% last year, to £146,000 from £1.2m in 2010.
The profit drop was caused by the tough economy and Henderson investing heavily in its business, causing administrative expenses to shoot up to £19.6m from £15.8m, according to latest filed accounts in the year ending 30 April 2011.
Henderson showed solid growth in its turnover, improving to £20.2m from £17.3m.
The independent broker’s interest payments and similar charges increased from to £186,213 from £133,898.
The company said, in its review of the business: “The directors are satisfied with the results for the year, turnover has increased 16% to £20.2m. Post tax profits fell in the year as a consequence of the worsening economy and investing in both the existing and newly acquired businesses. The directors are confident this investment in conjunction with a completed comprehensive review of the group’s overheads will lead to both growth and increased profitability in the years ahead.”
Henderson was unavailable for comment.
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