Erinaceous shows gains following acquisitions

Erinaceous, the property services group, has reported a pre-tax profit of £1.6m on a turnover of £38m in the six months to 30 September.

The underlying organic growth rate of 28% was overshadowed by the group’s rapid transformation, a result of acquisitions such as ISG Occupancy and Jordans, both of which are reported to be performing profitably.

Since the end of the interim financial period, Erinaceous has expanded further with the £67m acquisition of Hercules.

The group’s property services division enjoyed organic turnover growth of 41% and when taken with the £12m added as a result of the ISG Occupancy acquisition in May, the overall turnover is up to £26m, well ahead of the £10m figure in the same period last year.

The division’s profit before tax figure of £1.5m was well ahead of the £640,000 achieved in the comparable period last year.

Erinaceous moved from the Alternative Investment Market (AIM) to a full listing on the Stock Exchange on 22 October.