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NETWORKERS INTERNATIONAL PLC has announced its Final Results

NETWORKERS INTERNATIONAL PLC has announced its Final Results

for the YEAR ENDED 31 DECEMBER 2010

The Board of Networkers International Plc (Networkers or the Group), the AIM-listed international recruitment company, is pleased to announce final results for the year ended 31 December 2010.

Financial Highlights

Adjusted* pre-tax profits for the year of 4.61m (2009: 4.08m)

Adjusted* basic earnings per share of 3.3p (2009: 2.5p)

Pre-tax profits of 4.28m (2009: 4.37m)

Net fee income (gross profit) of 24.31m (2009: 21.16m)

Share of net fee income derived from markets outside of the UK increased to 64% (2009: 57%) and we expect the share of overseas earnings to continue to increase during the current 12 months

Strong balance sheet and good liquidity with net assets of 16.58m and net current assets of 10.28m

Operational Highlights

Permanent placements have rebounded strongly, with growth of 54% compared to 2009 and now represent 19% of net fee income (2009: 14.5%)

The Group bought back shares during the year totalling 1.1m, which are earnings per share enhancing, reducing the number of shares in circulation by 5.1%

Group headcount increased in the year by 5% to 282

A refocus within the Groups technology division to achieve growth through investing in specialist vertical markets and

Recommended final dividend of 0.338p per share totalling 0.3m (2009: no final dividend).

Commenting on todays results, Spencer Manuel, CEO, said 2010 was a year of solid growth for the Group, with our key markets showing a marked improvement from the previous year and good progress made in carrying out our strategy of expanding our specialist recruitment offerings within Telecommunications, IT, Energy & Engineering, Finance and Capital Markets into our overseas offices.

Looking ahead, whilst the Groups UK markets are still some way off being fully recovered, the good momentum from the latter part of 2010 has continued into 2011, particularly within our International markets and the outlook remains positive.


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