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MJ Hudson Group PLC on Tuesday upped its full-year guidance as it posts a stronger than expected finish to its financial year.
Shares in the London-based asset management consultancy were up 4.8% to 36.14 pence each in London on Tuesday morning.
MJ Hudson said it has made ‘significant progress’ in each of its three divisions in the second half of its financial year ended June.
The company said that its data & analytics division has won two environmental, social & governance and fund performance analytics contracts in the last three months of its financial year. Together, they are expected to generate over $1.2 million in revenue on an annualised basis.
It added that its ESG platform ESGAdvantage has performed ‘well’ since its recent launch and has the potential to upsell consulting and other ESG services.
In the company's outsourcing division, its Dublin-based Super ManCo continues to perform at the upper end of the growth expectations set in 2021. Also, its Luxembourg operations have broken even and are now ‘increasingly’ profitable.
Looking ahead, MJ Hudson said that underlying revenue growth was 50% in the first half of the year. Growth is expected to be stronger than this for the full year, given strong growth in the second half.
The company now expects to report adjusted earnings before income, tax, depreciation and amortisation ‘modestly ahead’ of its previous guidance of £8.3 million.
MJ Hudson added that much of this outperformance stems from recurring client revenue and therefore has given management further confidence in its outlook for financial year 2023.
Chief Executive Matthew Hudson said: ‘Our three transformative growth areas continue to underpin the organic growth of the Group, led by the enduring tail winds of: ESG; regulation; the growth in outsourcing; and the general trend for greater transparency and insight.
‘There is much more for us to do, however, and we have no intention of slowing down,’ Hudson added.
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