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NETWORKERS INTERNATIONAL PLC Publishes Unaudited Interim Results

NETWORKERS INTERNATIONAL PLC Publishes Unaudited Interim Results
for the 6 month period to 30 June 2010
The Board of Networkers International Plc ('Networkers' or 'the Group'), the AIM-listed international recruitment company, is pleased to announce interim results for the six months ended 30 June 2010.
Adjusted* pre-tax profits for the period up by 22.7% to 2.32m (2009: 1.89m)
Pre-tax profits of 2.1m
Adjusted* earnings per share of 1.59p (2009: 1.24p)
Improvement in gross profit margins to 16.8% (2009: 16.6%)
Net fee income (gross profit) of 12.1m up by 5.2% on H1 2009 (11.4m) and up 24.7% on H2 2009 (9.7m)
Permanent placements have rebounded strongly with growth of 44% in the period and now represents 18.5% of net fee income
International business increased in the first half of the year to 62% from 55% in the same period in 2009
Group headcount increased organically by 12% H1 2010
Strong balance sheet with net assets of 16.4m and net current assets of 10m
Share Buy Back of 0.35m (held in treasury) during the first half of 2010
Recommended interim dividend of 0.324p per share totalling 0.3m (2009: No interim dividend) being 4 times cover.
Commenting on today's results, Spencer Manuel, CEO, said "Networkers has delivered a pleasing set of Interim results in the first half of 2010 demonstrating the strength and geographical diversity of the group's business model. We mentioned in our last report in April 2010 that we had started to experience an upturn in demand from our clients, and our first half performance has supported this with a 22.7% growth in underlying profits compared with the same period last year.
"Despite this improvement, we still believe we are some way off a full recovery in our markets. Whilst the indications from our clients remain positive overall, there are still some concerns over the robustness of the economic recovery, particularly in the UK. Mitigating this risk is the fact that we now derive over 60% of our net fee income from placements outside of the UK."
*adjusted for the add back of amortisation and the deduction of the profit on disposal of joint venture.


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