MJ Hudson grows interim revenues despite Covid-19 impacts

Asset management consultancy MJ Hudson said on Wednesday that underlying revenues had grown year-on-year during the first six months of the trading year, despite the "disruptive effects" of the Covid-19 pandemic.

MJ Hudson said its revenue growth of 12% to roughly £11.0m was largely driven by acquisition activity as well as organic revenue gains, which continued to improve between June and December.

The AIM-listed group stated multiple lockdowns had an impact on the business and warned that the potential for delay in the conversion of activity to revenue still remained.

However, MJ Hudson said it was "encouraged" by an emerging new business pipeline in its second half, the impact of new client wins already confirmed and the integration of recent acquisitions, adding it was "confident" that trading remained in-line with market expectations for the full year.

Chief executive Matthew Hudson said: "I am very pleased that, despite the continued impact of the lockdowns on the business environment, we have continued to show progress across all our divisions. Once again, outside of the advisory, the group posted positive organic revenue growth in the period.

"We remain confident on our prospects for the full year and indeed beyond."

As of 1010 GMT, MJ Hudson shares were down 1.77% at 44.50p.