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National recruitment and business services group HR GO plc, is showing positive signs of growth on the unveiling of the interim financial statements covering the first half of 2010.

I am delighted that our strategy is delivering beyond initial expectations, and that the future for HR GO is very bright. The results for the first half of 2010 show a dramatic improvement over 2009, comments Jack Parkinson, HR GO plc Chairman.

Turnover has increased by 17% to 40.2m (2009: 34.4m). Permanent recruitment revenue has shown a small improvement with the total increase being generated by the provision of additional temporary labour. This increase has accelerated into the third quarter with temp placement numbers in quarter three being 30% higher than 2009.

Administrative expenses were 500k lower than 2009 reflecting the effectiveness of the efficiency programmes that took place in the first half of last year.

The profit before taxation of 489k represents a very significant turnaround compared to the loss in 2009 of 898k for the same period.

Chris Harvey, HR GO plc Managing Director, comments We are delighted with the profit that has been achieved in the first half of the year and the outlook for HR GO is very promising. We have continued to invest in new technology and are currently in the process of rolling out new web based systems to all our locations.

Our development of a coherent national and regional sales team and strategy continues to win a number of large national contracts and we are currently in the process of opening five new offices. Whilst the economic recovery continues to be fragile we have been able to significantly grow our revenue streams and maintain targets. We are well placed to take advantage of the fact that businesses are recruiting a larger proportion of their workforce through temporary and part time labour and hence we remain optimistic that we will achieve a very satisfactory level of profit in 2010 with further improvements expected in 2011.

Chris continues The Royal Bank of Scotland has also just demonstrated their confidence in HR GO through the provision of significant additional funding lines that will enable the company to be able to service the additional customers that its national sales team is delivering.


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