The PraxisIFM Group has reported a seven percent increase in revenue to £60.5 million – an increase of £4.2 million from 2019. Despite this the firm recorded a net loss of £2.7 million – down from a profit of £9.7 million last year.
In its annual results for the year ended 30 April 2020, the financial services group acknowledged the challenges of a difficult 12-month period and outlined the actions taken to refocus the business.
Group chairman Andrew Haining said that a combination of factors had contributed to a “difficult year” for the group, including the impact of COVID-19 during the final quarter and recognition that changes to the group’s acquisition strategy and organisational structure needed to be made.
Mr Haining said that the group had recognised that some difficult decisions were necessary and had moved quickly to refocus on its core business strengths.
“This strategy has come at a cost, but we believe it is a cost that will produce a more efficient and robust business, one that is fully equipped to adapt and grow in the coming years,” he said.
“This year, extraordinary challenging times have revealed the true calibre and quality of the people who make up the group,” Mr Haining added.
“At every level, across our globally expanding business, everyone has stepped up to rethink, reorganise, and create ...