Connecting to LinkedIn...

Blank

Another Record Breaking Year For IT Human Resources plc

Another Record Breaking Year For IT Human Resources plc

IT Human Resources plc, one of the UKs leading independent human capital resourcing and software solutions group have announced their fully audited results for the financial year ended 31st March 2009. Group turnover increased by some 85% for the year to 24.2m, gross operating income increased in excess of 130% to 7.65m over the previous financial year and Taxable Profit increased some 230% over FY2007/08 to 5.2m. Net cash at bank Increase at 31st March 2009 of 388% to 3.75m (31st March 2008: 768k)

Sean Gallagher, Managing Director commenting on the announcement said: Our performance in the last year given the current Credit Crunched and recessionary economic climate has been nothing short of phenomenal and exceeded even our increased re-forecast budgets at the half year mark. All areas of our businesses have again performed exceptionally well, both in the UK and Internationally. Not only has our headline turnover increased substantially but we have also maintained our margins with gross operating margin and EBITDA holding in line with previous years and increasing with turnover growth

Cash flows remain equally strong and despite some signs of the much heralded recovery in the recruitment sector we are still in uncertain economic times as highlighted by a number of recent competitor information releases showing continued declines in revenues and profits. It is good to know that we remain cash generative and are well and truly cash positive with an armour plated balance sheet strong enough I believe to ride out whatever time remains in the current downturn in our industry sector.

The Strategy of the Board remains to be how best to use our strong financial position to expand and grow our now diverse, but related recruiting and consulting, businesses. We have some exciting ideas and plans in progress for the coming year which most certainly will not be limited to our 100% organic growth strategy since our inception in 1999, rather than to plan to retrench and cut costs - a fantastic position to be in.

One of those ideas is already in production with the recent formation of ITHR Online Ltd, a wholly owned subsidiary which is in the process of taking to market in the UK MSEmploy (www.msemploy.co.uk). MSEmploy is a unique online Microsoft specific recruitment and partner community portal already operating in 6 countries around the world including France, Germany and the USA. The portal is currently under redevelopment in order to facilitate further global expansion and is the only brand of its kind supported and endorsed directly by Microsoft and we are proud to have launched this brand in the UK and have high hopes for its future success - a brilliant and synergistic addition to the ITHR plc Group.

Tags:

Articles similar to

Articles similar to