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InterQuest Group plc Publishes Interim Results

InterQuest Group plc Publishes Interim Results
InterQuest Group plc (AIM: ITQ), the specialist IT recruitment Group, is pleased to announce its unaudited interim results for the six months ended 30 June 2010.
Financial highlights
Revenue up 12% to 55,332,000 (2009: 49,211,000)
Net Fee Income ("NFI") up 14% to 7,035,000 (2009: 6,181,000)
Adjusted EBITA (excluding start up losses in IQ Equity, movement in the fair value of share based payment transactions and amortisation charges) up 16% to 1,912,000 (2009: 1,642,000)
Profit before taxation also up 16% to 1,060,000 (2009: 913,000)
Diluted adjusted earnings per share up 17% to 4.2 pence (2009: 3.6 pence)
Basic earnings per share up 14% to 2.5 pence (2009: 2.2 pence)
Net cash generated from operating activities 1.4m (2009: 4.5m)
Net debt 2.7m (2009: 1.4m)
Interim dividend of 0.5 pence to be paid on 28 October 2010

Operational highlights
A return to growth in the majority of markets
Group headcount increased by 15% to 137 at 30 June 2010 (2009: 119)
Growth in private sector markets, particularly banking and finance, has more than offset decrease in public sector activity
Resilience of our niche IT recruitment model demonstrated by solid profitability throughout the recent downturn
First two client wins secured in our Recruitment Process Outsourcing ("RPO") division
Successful launch of our new in-house training programme, iQad, with first intake inducted in June and second intake having joined in September
Reduced losses in our IQ Equity start up division as it moves towards break even
Gary Ashworth, Chairman of InterQuest, commented, "The Group has had a successful first half of 2010 trading in line with management's expectations. We have benefitted from a return to growth in the majority of our markets. The number of contractors working at our client sites reached an all time high at the end of June which has been surpassed since. We have achieved our first client wins in our RPO business, started to hire new fee earners, developed and launched our new in-house training programme iQad and moved our incubator IQ Equity businesses nearer to profitability. We look forward to meeting the challenges ahead and expect full year trading to be in line with expectations."

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