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Highams Systems Services Group plc interim results

Highams Systems Services Group plc

The AIM quoted recruitment consultancy and leading niche provider of technology, business and professional services to the insurance and financial services sectors announces its interim results for the six months ended 30 September 2010

INTERIM RESULTS
For the six months ended 30 September 2010

Highlights

Revenue 4.41m (2009: 3.77m) up 17%
Gross profit 770,000 (2009: 572,000) up 35%
Profit before tax of 123,000 (2009: profit 40,000) up 208%
Increase in gross margin from 16.8% to 17.4%
Market activity continues to improve
Selective recruitment of new staff, with Group still currently recruiting
Continuing firm control over costs

Ken Ford, Chairman of Highams, commented:

"We are pleased to report our interim results which show an increase in revenue of 17% to 4.41m (2009: 3.77m), together with an increased gross profit and an increase in profit before tax.

We continue to see an improvement in demand for our services and we are staying close to our niche markets. We have benefitted during the period both from our longstanding relationships with existing clients and from a range of new clients. Although the competition and customer buying behaviour remains challenging, especially in these uncertain economic conditions, we have strong networks and an ability to react quickly to our client needs. We therefore look forward to the second half of our year, which we believe, on current forecasts, will show further improvements in turnover and profit."

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