Spring Group plc has announced its audited results for the year ended 31 December 2008.
Revenues up 19.3% to 516.5 million (2007: 432.8 million)
Net fee income (NFI or Gross profit) up 19.8% to 67.2 million (2007: 56.1 million)
Gross margin percentage stable at 13.0%
Profit before taxation, interest, depreciation and amortisation (EBITDA) up 15.0% to 9.2 million (2007: 8.0 million)
Operating profit up 8.5% to 6.4 million (2007: 5.9 million)
Strong balance sheet with 40.3 million of cash at year end (2007: 34.4 million)
STRATEGIC AND OPERATIONAL HIGHLIGHTS
Continued commitment to strategic growth with c3 million invested in new infrastructure
Completed expansion of our UK office network
Geographic expansion progressed with 7 new offices opened in Europe and Asia Pacific
Good progress with Managed Solutions business with important contract extension and wins
Operations re-aligned with cost savings made
Peter Searle, Chief Executive Officer, commented:
"In 2008 Spring produced strong growth in net fee income and operating profit despite the challenging market conditions. Our strategy of diversifying geographically continued during the year with office openings in the US, Australia, Singapore and mainland Europe. In addition, we continued to invest in future growth without detriment to our balance sheet which is robust with over 40 million of cash at the year end."
"Whilst there is a great deal of uncertainty in the global market place for 2009, we believe that our bias towards contract recruitment, our strong RPO offering with long term contracts and our healthy balance sheet equip us to weather the current markets and provide the platform for future growth."