Pivotal year accelerates revenue growth for Praxis

Praxis has today reported significant progress for the 12-month period ended 31 December 2023, with underlying EBITDA increasing by 48%.

Highlights

• Revenue increased by 8.9% to £51.5m, fuelled by 6.6% net organic growth
• 50% increase in weighted new business pipeline* to £3m
• Underlying EBITDA increased by 48% to £7.7m
• Operating cashflow up £5.5m to £4.5m
• Final dividend declared of 1.5p per share, up 20% on prior year

As part of a multi-year strategy that was announced in 2022, the Group is in the final phase of transforming its services and operating model to create a more efficient, client-centred platform.

The Board, led by Chairman Iain Torrens, has reported an increase across revenue, organic growth, and underlying EBITDA. New business pipeline growth, a significant share of which is from clients new to the Group, has been driven by a dedicated relationship management programme and a London-based business development team.

The Group’s stronger trading position is being balanced with the expectation that further investment will be needed to realise the transformation programme’s full potential, with a final dividend declared of 1.5p per share, taking the total dividend for the year to 2.75p per share.

‘I am pleased with the progress in 2023, with our private wealth business transformed into a truly international platform, and our new business investments into Sarnia Yachts and the End of Service platform in the UAE providing opportunities to access faster growing markets and broaden the range of services offered to current and future clients,’ said Iain.

Group CEO, Rob Fearis, said that returning the Group to sustainable revenue growth has been a focus across the operating businesses and that the strong organic growth demonstrates its continuing ability to win new work and the underlying strength of the Praxis brand.

2023 was a busy year for office moves, with the teams in London, Geneva and Amsterdam moving to modern offices in their respective central business districts, demonstrating continued investment into the fabric of the Group and its 420 employees.

Looking ahead, Rob highlighted the impact of external factors that are driving changes to global structures and international relationships: ‘To advance against these headwinds, we are focused on evolving the way we service our clients, leveraging technology, de-risking our processes through good governance, being accountable to our communities, and looking after our people,’ he said.

‘I am confident that the transformation programme will continue to drive our onward growth.’

View the full Annual Report on our Investor Relations page.