Insurance is set to overtake Jelf Group's IFA business as
its flagship offering by the end of 2006.
The group reported a 53% increase in turnover to £7.5m, with insurance contributing 32% (£2.4m) to that.
Year-on-year Jelf's insurance operation has grown 37%, with 29% of growth being organic.
Annualised premiums currently stands at £90m and is expected to grow in the next six months as the group
grows its insurance book.
The announcement buoyed the AIM-listed group's share price to 164p, from an opening of 160p.
Alex Alway, chief executive, said the results did not reflect the group's recent acquisitions. “We acquired Goss & Co in March, and Swansea based Brian D Thomas Insurance
Services in May,” he said.
“We expect to see those acquisitions reflected in the
next set of results.”
As Insurance Times went to press, the Jelf Group's share
price was 159p.