Banks Sadler unaudited results for the year ended 31st October 2016 have again shown impressive growth. The underlying comparable gross margin for the group has improved from £10.9 million to £13.3 million, representing a 22% increase and an improvement in profits from £1.475 million to £1.619 million, an increase of just under 10%. Recent changes to UK accounting standards (FRS102), will see Banks Sadler’s actual reported financial accounts for the year showing a higher profit, however.
Leigh Jagger, Chief Executive Officer commented “This has been another great year. Our international subsidiaries are now contributing significantly to our profits and despite heavy investment in the back half of 2015/16 in senior headcount within the group, we have yet again been able to post exceptional results. Our business has not only improved its performance in terms of profit but is also more efficient than ever before. Huge thanks have to go out to our brilliant teams across all of our offices who have worked exceptionally hard to deliver these impressive results.
We’re in a great place to capitalise on this investment in 2016/17 and have had a strong start to our year, with multiple client extensions and new signings. This all bodes well for us to continue what has been an impressive run of ever-increasing performance”.