Personal Group CEO steps down after solid progress in first half

18th Sep 2018 08:34

(Sharecast News) - Personal Group continued to make solid progress throughout the first half of its trading year but chief executive Mark Scanlon has decided to step down after six and a half years in charge. All three of the AIM-listed firm's business segments ahead of last year, in-line with management's expectations, with group revenues up 7.3% to £21.1m in the six months leading to 30 June.EBITDA grew 27% to £4.7m and pre-tax profits 27.7% to £3.9m, with earnings per share from continuing operations rising 28% to 10.5p.Personal Group turned in a solid performance from its insurance and salary sacrifice businesses and with revenues at its software-as-a-service division more than doubling to £2m.The balance sheet remained strong with cash and deposits of £18.4m and no debt.CEO Scanlon, who will step down sometime before 17 September 2019, said: "I am very proud of what we have achieved and would like to thank everyone who has helped to create the business we have today.""I feel that now is an opportune time to hand over to a successor, with the business in great shape and well placed for the next stage of its successful development"As of 0835 BST, Personal Group shares had climbed 1.40% to 545p.