PracticeAccounting FirmsVantis results reflect ‘seasonality’

Vantis results reflect 'seasonality'

Listed accountancy firm Vantis says more than half of its annual revenue was generated in the second half of the year following new acquisitions, reflecting the 'seasonality' of the business.

Link: Vantis builds non-audit business

The firm revealing a turnover of £18.6m, compared to the Accountancy Age Top 50, which indicated that fee income for the year was £19m – this was based on estimates from management accounts that were rounded up, before the figures were internally audited.

Profits on ordinary activities before taxation and goodwill amounted to £2.8m and the firm paid dividends of 3p per share, leaving Vantis with retained profits for the year of £1.8m.

The biggest expenses incurred by Vantis included staff costs and external charges amounting to £12.1m, and £4.7m respectively.

According to the firm, turnover grew 19% for the full year with a top line of £18.6m. This is higher percentage growth than listed rival Numerica, which managed a 14% increase in turnover, although its turnover was £45.2m.

Chairman Paul Gourmand said: ‘The group has achieved results that are in line with market expectations, despite the sluggish UK economy, reflecting the quality and strength of our management team and staff.

‘Whilst continuing to selectively recruit new individuals, businesses and teams, we will pursue our integration strategy to further enhance efficiency.’

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