Profits Double at ITHR
IT Human Resources plc, one of the UKs leading independent human capital resourcing and software solutions group have announced their interim results for the 6 months ended 30th September 2008. Group turnover increased by some 81% for the half year to 10.9m, gross operating margin increased some 97% to 2.99m over the same period last financial year.
Sean Gallagher, Managing Director commenting on the announcement said: Our performance for the first 6 months of our new financial year have exceeded all of our forecasts and expectations and have set us on track to well and truly smash our current year goals and targets by a phenomenal amount - not too mention being another record breaking performance by out-performing last years incredible growth. All areas of our businesses have again performed exceptionally well, both in the UK and Internationally. We have reforecast our business plan and now expect our full year turnover to increase to C.23m (FY2007/08: 13.2m) with gross margins and net profit growth to be in sync with last years levels, however rising in proportion to our increased turnover.
Cash flows remain equally strong and in these uncertain economic times it is good to know that we remain cash generative and are well and truly cash positive. The Strategy of the Board is now to decide how best to use our strong position to expand, rather than to plan to retrench and cut costs - a great position to be in