Improvements in net revenues, pre-tax profit, earnings per share and margins all contributed to a strong opening six months for the advisory group.
Its health division expanded organically both in Europe and the US.
Berlin and Boston buoyant
“The office in Berlin is now fully operational and project work is starting to be serviced from there,” investors were told in a trading update.
“The level of investment in the Boston area has also increased as a result of significant new clients wins in the region.”
Cello Signal, the company’s marketing agency, had a solid start to the year, “with a performance similar to that in the first half of 2018”. It should be noted Signal’s profits tend to be second-half weighted.
In the update, Cello said its balance sheet was strong, resulting in a net cash position at the end of June. The introduction of new accounting rules, called IFRS 16, would have minimal impact on profits, it added.