PracticeAccounting FirmsVantis shrugs off consolidator blues

Vantis shrugs off consolidator blues

AIM-listed Vantis has bucked the trend for accountancy consolidators of late to release poor earnings figures, by releasing excellent preliminary results for 2003/2004.

Link: Numerica unveils poor results

The firm’s results for year-ending 30 April 2004, showed profits up 46% to £5.2m, on the back of revenue of £23.7m, an increase of 27% on 2003 earnings of £18.6m.

Recent results posted by other listed consolidators have been poor with Numerica posting a loss of £4.2m and Tenon making a small six-month profit (in March) of £2.1m, after making a £115m loss last year.

The healthy bottom line, Vantis said, was the result of ‘improved operational efficiencies, increased exposure to higher margin specialist services and no exceptional charges’.

Earnings were also strengthened by a mix of acquisitions and the recruitment of further staff.

Chairman, Paul Gourmand said. ‘We have made excellent progress in the year in consolidating further our position in the market with the continuing integration of quality businesses and people to broaden the range of our service offering. We will continue with this strategy to strengthen our business further and enhance shareholder value in pursuit of the highest efficiency and client service levels.’

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