Adsure cuts dividend despite announcing "ambitious new chapter"

Adsure Services PLC on Friday reported a jump in operating profit during its most recent financial year and looked towards "continued strong trading performance.”

The holding company for business assurance services provider TIAA said pretax profit for the financial year that ended March 31 rose 23% to £1.0 million from £818,294 a year before.

Revenue was steady at £10.0 million, a marginal decrease of 0.5%. Earnings before interest, tax, depreciation and amortisation increased 13% to £1.3 million from £1.2 million.

"The principal driving force behind this margin expansion has been the realignment of our skills mix, supported by several significant strategic hires, a reduction in direct staff costs and the maintenance of strong business retention," the company said.

Adsure declared a final dividend of 0.95 pence, down 17% from 1.14 pence a year before, "fuelled by another year of strong financial performance".

The company said business is trading within expectations, citing the strength of its order book and "significantly advanced" discussions with new and existing clients for 2027.

Chief Executive Officer Kevin Limn said: "With these strong foundations in place, we are now setting out an ambitious new chapter for the group.

"The board has formally agreed a strategic vision to transform Adsure into a leading cluster of specialist, purpose-driven professional services businesses across the UK, united by a shared commitment to independence, transparency and ethical value creation."

Shares were untraded on the Aquis Exchange at 32.50 pence on Friday morning in London. They were last traded on August 14 at 35.00 pence.

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