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InterQuest Group plc Announce Final Results

InterQuest Group plc Announce Final Results

InterQuest Group plc (AIM: ITQ), the specialist IT recruitment group, is pleased to announce its audited results for the year ended 31 December 2010.

Financial Highlights

Revenue 112.2m (2009: 97.4m) up 15%
Gross profit 14.7m (2009: 12.4m) up 18%
EBITA (before IFRS 2 and amortisation charges) 3.6m (2009: 3.0m) up 19%
Profit before taxation 2.2m (2009: 1.8m) up 24%
Basic adjusted earnings per share 8.6 pence (2009: 7.1 pence) up 21%
Basic earnings per share 6.1 pence (2009: 4.4 pence) up 39%
Net cash from operating activities 1.8m (2009: 3.3m)
Net debt reduced from 3.0m at start of 2010 to 2.7m at 31 December 2010
Final dividend of 2 pence per share due to be paid on 6 April 2011 (2009: 2 pence per share) bringing the total dividend for the year to 2.5 pence per share (2009: 2 pence per share)

Operational Highlights

A return to growth in the majority of markets

Fee earning headcount increased by 21% to 144 at 31 December 2010 (2009: 119)
Growth in private sector markets, particularly banking and finance, has more than offset decrease in public sector activity
Resilience of niche IT recruitment model demonstrated by solid profitability throughout the recent downturn
First two client wins secured in our Recruitment Process Outsourcing ("RPO") division, InterQuest Solutions, providing additional 5m in revenue
Successful launch of new in-house training programme, iQad
Reduced losses in IQ Equity start up division as it moves towards break even

Outlook
Most markets have returned to growth
New Canary Wharf office planned for investment banking division
Commitment to hire a new Chief Executive and split the roles of Chairman and Chief Executive

Gary Ashworth, Chairman of InterQuest, commented, "The general economic outlook has improved throughout the course 2010 except for the public sector and we have entered 2011 with the majority of metrics pointing towards continued growth. We are seeing increasing activity in contract and permanent recruitment, and have increased our sales staff to capitalise on this increased activity.

We believe these factors, combined with the potential for accelerated growth through acquisitions, position us well for the year ahead."

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