EBITDA up by 25.3%

Jelf has experienced a positive start to the year, according to its interim results for the six months ended 31 March.

The insurance broker’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 25.3% to £5.9m, while its EBITDA margin increased to 15.0% (2013: 13.2%).

Its revenues are also 9.7% ahead of last year at £39.3m (2013: £35.9m).

Cash generation continues to be strong at Jelf: net debt is £13.1m compared to £1.4m a year earlier, with reflects the acquisition of The Insurance Partnership in June 2013.

Jelf group chief executive Alex Alway said: “The trading environment in which the group operates continues to be competitive but there are now some positive signs that the outlook for the wider economy is improving. We continue to invest in the business while maintaining a focus on delivering further efficiencies and providing an excellent service to our clients.”