6 August 2003
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The Erinaceous Group, the leading property services organisation operating in the public and private sectors, reports record-breaking trading figures for the year ended 31 March 2003 with turnover up 71% and profitability up 52% compared to the same period last year.
Privately owned, the Group continued its rapid expansion through a combination of targeted acquisitions and strong organic growth of its operational divisions, bringing its staff level to some 650.
Financial highlights
Corporate highlights
During the year ended March 31, Erinaceous strengthened its board with the appointment of Nigel Turnbull as non-executive Chairman, and Lord Razall, Peter Bowden and Keith Peraux as non-executive Directors. In addition, it appointed Michael Pearson as Finance Director.
Haywards Property Services was created by the merger of three divisions to bring all the Group’s property services operations into one central practice while its property investment division was demerged to enable Erinaceous to focus on its core services.
The Group made a number of acquisitions, including Hanover Park Commercial, Truckinsure and Creditfax for a total consideration in excess of £10 million as well as investing a further £3-plus million in property and equipment.
Neil Bellis, Erinaceous Chief Executive, said: “In terms of profitability, cash flow and net assets, there are few companies that could match our growth rate over the last three years. We have achieved an annual growth rate averaging well in excess of 100 per cent for most key performance measures.
“Our vision is to create a one-stop shop that provides both private and public sector landlords with a comprehensive range of services spanning estate management, building consultancy, insurance and other related services.”
For further information, please contact:
Paul Desmond / Marylene Guernier
Tavistock Communications Limited
Tel: 020 7600 2288
Email: pdesmond@tavistock.co.uk; mguernier@tavistock.co.uk
