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Penta Consulting - another increase in Profits

Penta Consulting - another increase in Profits

Specialist IT & Telecoms staffing company Penta Consulting has posted excellent interim results for the six months ended 30 September 2008.

Financial highlights:

Turnover 23.5m - 10% reduction on 2007
Net fee income (gross profit) 5.3m - 15% increase on 2007
Operating profit 1.9m 27% increase on 2007
Profit before taxation 1.8m 43% increase on 2007
Paul Clark, Group Managing Director, told Recruitment International:
We have had a very good first six months. Our strategy to focus on better quality higher margin business is really paying dividends now as our profit before tax has increased by 43% on the equivalent six month period last year on a slightly lower turnover. Our contract gross margins have increased from 13.7% to 19.1% and each placement is measured to ensure it meets our return on capital employed criteria. In effect we have reduced contractor numbers by 14% and this reduction has made all our staff more efficient so they are able to deliver a better standard of service to all parties.
Throughout 2008 our tenth anniversary year - we have implemented a concerted strategy across the business and further investment in our credit control staff and systems, we have reduced our bank borrowing from 8m to 2m. The effect of taking this proactive approach and in pre-empting market conditions has been to dramatically increase the strength of our balance sheet by generating cash essential to ensure that Penta is well positioned in todays difficult marketplace. We are confident that we can continue to serve our clients well through the current market conditions.
We passed our three year ISO review audit as well as our five year Investors in People Standard both with flying colours and we have created employee wealth by sharing equity with staff. 33% of our staff now have shares and all our shareholders received a healthy dividend payment this year. This has enhanced staff motivation and retention and it is our strategic objective to further extend employee ownership in the business in years to come. We have also radically addressed internal communications and implemented an effective system that involves all our staff in business planning and decision making.
The business continues to evolve by challenging our best people to grow their own business units internally as if they were their own businesses. We believe our continuous review of our structure and procedures will enable us to meet our organic growth strategy for the next three to five years. It also provides clear career progression and development which further improves our staff retention. In this generally difficult economic climate, we are pleased to be able to say that instead of having to consider redundancies we are actively looking to hire more talented new staff.

Pentas ambition is not to be the biggest but to be the best and offer world class recruitment strategies to its clients and candidates.

The company has been shortlisted for Company of the Year people and Performance at the CBI Growing Business Awards Read all about Penta in the December issue of Recruitment International.

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