Fairpoint Group's revenue increased by 24% to £28.3m (2015: £22.9m) in the sic months to the end of June. Legal services' revenues rose to £21.5m (2015: £11.3m), reflecting organic growth in Simpson Millar and the acquisition of Colemans in August 2015, despite conveyancing performance being affected by the housing market slowdown. Debt solutions' revenues fell to £6.9m (2015: £11.6m), due to adverse market conditions. Adjusted profit before tax was broadly flat at £4.0m (2015: £4.1m). Adjusted basic earnings per share was 7.03p (2015: 7.38p) Reported profit before tax was £0.8m (2015: £1.3m) after deducting exceptional costs of £0.3m (2015: nil), amortisation of acquired intangible assets of £2.5m (2015: £2.3m) and unwinding of discount on contingent consideration of £0.4m (2015: £0.4m). Reported basic earnings per share was 1.44p (2015: 2.33p). Interim dividend level maintained at 2.45p. Chief executive Chris Moat said: "Fairpoint has delivered double digit revenue growth compared to last year, despite challenging market conditions. "Looking forward the Board will continue to transition the business towards legal services. The scale and fragmented nature of this marketplace presents a significant opportunity for Fairpoint to deploy its core skill of applying process to a professional service, and thereby create a structural competitive advantage relative to existing market incumbents."
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