PENNA CONSULTING PLC Preliminary Results
PENNA CONSULTING PLC Preliminary Results for the year ended 31 March 2010
Penna Consulting Plc, the international human resources consulting group, today announces its preliminary unaudited results for the year ended 31 March 2010.
Revenue up 72% to 108.5m (2009: 63.2m) and net revenues up 19% to 50.9m (2009: 42.6m)
Pre tax profits before exceptional items up 22% to 7.3m (2009: 6.0m), pre tax profit post exceptional items 3.6m (2009:6.0m)
Like for like revenues 62.3m (2009: 63.2m) and pre tax profit before exceptional items 6.6m (2009: 6.0m, up 10%)
Cash at year end 5.3m (31 March 2009: 8.9m)
No bank debt, balance sheet remains strong
Final dividend maintained at 4p (2009: 4p) total dividend for the year up 17% to 7p (2009: 6p)
Diluted earnings per share (before exceptional items) 19.3p (2009: 17.1p)
Barkers acquired in June 2009 for 8.6m in cash integration has gone smoothly and is now complete
Reorganisation of business into four service groups: Recruitment & Marketing Communications, Resourcing, Executive Recruitment & Interim and HR Consulting
Business being impacted by the recent announcement by the Coalition Government of its intention to freeze recruitment in the public sector
Commenting on the results and outlook, Stephen Rowlinson, Chairman, said: "We have completed a very successful year with strong profit growth and we have also taken significant steps towards achieving our strategy to become the leading HR services firm in the UK.
The current year will be challenging for all UK recruitment businesses and we believe that because Penna has a major Career Transition business we are in a stronger position than many of our competitors in the HR services sector."