Erinaceous has issued an upbeat trading statement revealing revenue and EBIT are in line with expectations despite increased expenditure putting a dent in profit growth.
The AIM-listed “one-stop property shop” reported £50m of expenditure on acquisitions in the second half of 2006 and increased restructuring costs in the update for the year ended 31 December 2006.
The group’s commercial division was the focus of acquisitions in 2006 with six purchases made across the building consultancy and professional services sectors.
This allowed for the division to increase its investment fund clients and transactional business.
The group’s insurance division is reported to have increased profitability following the acquisition of Keelan Westall, and the group continued its franchise programme of residential lettings service Jordans.
The group also reported an increase in the public sector repairs and housing management division after winning contracts for Dartford and Medway which are valued at £5m pa each and begin in April 2007.
References: EGi News 04/01/07
