Record breaking profits from Penta Consulting
Record breaking profits from Penta Consulting for the second year running
Penta Consulting, the specialist international ICT staffing company, has posted record breaking results for the year ended 31 March 2009.
Profit before taxation was 3.2m, which is the best figure ever achieved during the companys eleven years of operation.
Commenting, Ian Storrier, Finance Director said: This success is a direct result of the continual increase in gross margin throughout the year, up from 8.4m (17.6%) in 2008 to 10.1m (21.3%). In addition we have generated 4.8m cash during the year and reduced our bank borrowing to 0.8m, an 83% improvement year on year. In the current economic climate we have placed a great deal of importance on reducing debt and generating cash and I am delighted with the cash flow performance of the business. This excellent progress has enabled a 1m dividend to be paid to our shareholders and we anticipate eliminating bank debt completely within the next 12 months.
Over the past year Penta has continued to focus on its core competencies across the global ICT marketplace and seen its international business grow by 23%. With operations in 85 countries, international business now accounts for 53% of Pentas turnover and the company believes it has great future potential.
Another key component of Pentas 2009 success has been its strategy to be highly selective in the type of business it has pursued and its focus on high value transactional business. This approach reflects Pentas niche positioning to provide senior level IT and Telecoms resources offering cutting edge technical skills across the global ICT market.
John Foley, Chairman commented: Recessions mean that you have to work harder to stand still and all our employees understand the truth of this statement. The current year has begun satisfactorily and the board expects that Penta will produce another set of strong financial results during the twelve months to 31 March 2010.
Earlier this year Penta was ranked as an outstanding place to work and achieved 70th position in the 2009 Sunday Times Best Companies to Work For listing, a report considered by many as the definitive guide to workplace excellence.
Group Managing Director Paul Clark said: I am extremely pleased with this years results which can be attributed to the hard work of all the staff and our continued focus on high value business, generating good profits, accruing cash and strengthening our balance sheet. We remain committed to being not the biggest but the best technical staffing company.