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Healthcare Locums plc - Interim Results

Healthcare Locums plc - Interim Results for the Six Months Ended 30 June 2009

Financial Highlights

Revenue up 8.5% to 86.5m (2008: 79.7m)

Adjusted operating profit(1) up 50.0% to 11.7m (2008: 7.8m)

Operating profit up 43.8% to 10.5m (2008: 7.3m)

Profit before tax up 63.8% to 9.5m (2008: 5.8m)

Basic earnings per share up 65.0% to 6.6 pence (2008: 4.0 pence)

Adjusted basic earnings per share(2) up 70.5% to 7.5 pence (2008: 4.4 pence)

Net debt reduced to 21.2m (Y/E 2008: 26.9m)

Interim dividend declared of 1.6p (2008: 0.8p)

Operational Highlights

Strong organic like-for-like gross profit growth rate of 37.6% (2008: 30%)

Annualised run rate turnover(3) now in excess of 206m and run rate gross margin(4) now over 64m

UK divisions continue to outperform and gain market share from competitors

International division is a key growth driver with increasing market share currently recruiting from 65 countries

New offices opened in Australia, Canada and the Middle East

North American operation expanding to pursue opportunities in the country

Kate Bleasdale, Executive Vice Chairman, said:
We are delighted with these interim results. HCL continues to deliver strong organic growth in all its divisions. The expansion of our international division continues with new offices now opened in Australia, Canada and the Middle East. The UK divisions continue to gain market share in a growing market. We look forward with confidence to the remainder of 2009 and beyond.

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