The General Industries Group remains well placed to support the housing sector through the turbulent times ahead. The Group began trading for the first time last year following its reverse takeover of Altair in August 2015. Altair was then joined in the group by treasury management specialists Murja in December. As wholly owned subsidiaries, they make up the General Industries group.
The Group posts its first set of results this morning, which saw turnover of £4.746m. That was primarily related to Altair’s consultancy and interim management business, which saw a 13.6% increase over the year. The acquisition of Murja contributed £0.387m to turnover. Underlying profits for the group were also strong, though the one-off non-cash deemed cost of listing (£3.105m) arising from the reverse acquisition of Altair, substantially affected the bottom line, resulting in a loss before tax of (£2.813m).
The group is pleased to announce that with effect from 24th June 2016, Susan Kane has been appointed to the Board of General Industries plc, joining fellow Altair Partners Steve Douglas and Fiona Underwood and Murja Director Richard Murphy as Executive Directors on the Board. Susan will succeed Derek Joseph as Group Finance Director on 1st July 2016 who remains as a Non-Executive Director of the Company.
The long-term business plan for the Group is to widen the range of professional services offered by its subsidiaries either through organic growth or acquisition in order to offer clients a wide a range of high level professional support services.
Quality has been a hallmark of both Altair’s and Murja’s growing reputations, and both companies will continue to focus on investing in excellent staff, resources and technology to deliver the same high levels of service. As well as providing a platform for ongoing growth, the group’s positive performance will enable a continued investment in research and thought leadership activities – which have underpinned Altair’s brand and added value to our many clients.
We appreciate that the Group’s clients face tough times amidst public spending constraints, the wider residential property market, as well as the uncertainty brought about by last week’s EU referendum outcome. Alongside this, the public, regulators and government expect ever improving performance and quality from all those who operate within the housing sector.
Our expertise and knowledge of the sector leave the group well placed to meet these challenges, helping clients find ways of effectively and efficiently using their resources. The track record of both the company’s subsidiaries show that they are well placed to provide the support services needed and trading conditions remain positive.
For further information, please visit www.general-industries.co.uk or contact Steve Douglas, Executive Director of General Industries on firstname.lastname@example.org | 07810 152840
Murja is a specialist treasury management consultancy authorised and regulated by the Financial Conduct Authority. It advises housing associations, higher and further education institutions, and other bodies on their capital funding requirements and supports them in securing debt finance. Murja was the company’s second acquisition which was completed in December 2015.