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InterQuest Cites Positivity

InterQuest Cites Positivity

InterQuest Group plc - Trading Update and Dividend Announcement

IT staffing specialist, InterQuest Group plc is pleased to issue a trading update for the year ended 31st December 2009 and announce a dividend of 2 pence per ordinary share to be paid on 19th February 2010 to shareholders on the share register on 22nd January 2010.

Highlights

Full year results expected to be in line with market expectations
Dividend for the year doubled to 2 pence per ordinary share, to be paid on 19th February 2010
Strong cash management with operating cashflow expected to exceed EBITA for the year
Balance sheet substantially stronger due to profitability and management of working capital
Net debt reduced and expected to be less than 3.0m at year end, down from 5.5m at the start of 2009
Indications of renewed strength in the IT recruitment market

Operational update and outlook

The Board is pleased to report a strengthening in trading in our core businesses in the final quarter of 2009.

Permanent placement fees increased significantly in Quarter 4 of 2009 compared to the first nine months of the year and there are signs that various sectors, such as the financial services market, are beginning to reinitiate their recruitment programmes.

The Company continues to invest in the five new businesses which were started in 2009 under our IQ Equity programme.

Gary Ashworth, Executive Chairman of InterQuest, commented, "Whilst the recession has clearly impacted the flow of revenues into the business in 2009, we have remained a profitable company and enter 2010 with a strengthened balance sheet and an enlarged business. Although long-term visibility remains uncertain, market conditions appear to be improving and we look to the future with confidence."

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