PracticeAccounting FirmsVantis expectations in line ahead of interims

Vantis expectations in line ahead of interims

Listed consolidator upbeat on future prospects as Numerica integration remains on track

Vantis chairman Paul Gourmand announced this morning that the Aim-listed
consolidator is on track to grow turnover to £68.2m by the end of 2006.

Speaking at the group’s AGM, Gourmand said there had been good progress
across all areas of the business and that market prospects remained encouraging.

Gourmand said the integration of the Numerica six offices Vantis acquired in
May was moving according to plan, and that the group would continue to
consolidate the sector.

‘Our growth strategy remains focused on acquisitions, team recruitment,
integration, and the development of our service lines across the United
Kingdom,’ said Gourmand.

Vantis has been very successful in its consolidation of smaller accounting
firms, reporting 59% growth in turnover to £37.7m for the year ended April 2005.

These results did not include the Numerica acquisition. Vantis broker Charles
Stanley said that once the Numerica offices were added, turnover for the 2006
financial year would reach £68.2m.

Despite Vantis’ impressive growth, it has come in for criticism from sole
practitioners who have suggested that consolidators, such as Vantis and Tenon,
are driven by creating shareholder value, which compromises service levels to
small clients.

Vantis reports interim results for the half year to the end of October on 11
January 2006.

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