MJ Hudson revenue jumps following acquisitions; sees earnings in line

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Asset management consultancy MJ Hudson said it expected annual profits to meet market expectations amid a rise in sales.

Underlying revenue for the year through June had jumped 24% to around £20.8m, thanks partly to contributions from acquisitions Spring, AST and Meyler.

Underlying organic revenue grew by 7.4%, though that was down from 12.5% growth in the first half, before the impact of the Covid-19 crisis.

MJ Hudson said the pandemic had caused a freezing of new private funds launches and thus held back revenue in its advisory division in the four months through June.

'Despite that, June remained the strongest revenue month for the group and the division in the second half of the financial year, as has been the pattern in prior years,' it said.

'Although organic underlying revenue growth on a consolidated basis was flat in our second half, this is an encouraging result.'

'Market uncertainty remains a factor, but continued momentum in our new business activity across the group and the progress made in the 2020 financial year give management confidence for the new financial year just started.'

At 9:20am: (LON:MJH) share price was 0p at 49p


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