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InterQuest Group plc AGM Statement

InterQuest Group plc AGM Statement

IT staffing specialist, InterQuest Group plc held its Annual General Meeting this morning. Gary Ashworth, Executive Chairman made the following statement regarding trading in the year to date:
"As with many of our peers, we continue to see a strengthening in our markets. The number of contractors working onsite at clients has increased by 4% since early January and the level of fee income generated from permanent recruitment continues to increase. In the face of these strengthening market conditions we have continued to invest in the business, and the number of fee earners now stands at 159 (147 in January).

"In the early part of the year we won our second 'specialist RPO' deal providing a comprehensive outsourced solution to the specialist IT recruitment requirements of one of our major Clients. We believe this area of the recruitment industry will grow significantly in the coming years, as businesses seek to narrow the focus of their outsourced recruitment processes in the face of increasing competition for specialist talent & complex legislation.

"We are seeing signs that the public sector has now stabilised while growth continues in our financial services focused businesses. Our new Canary Wharf office will be opening in two weeks' time to cater to this increased demand.
"Our IQ Equity businesses, established over the past two years continue to progress and we expect them to be net contributors to the business for the year.

"Perhaps the most significant development in the Group thus far this year has been the recruitment of our new CEO and the re-initiation of our acquisition strategy. We have split the CEO and Chairman's roles, with experienced industry executive Mark Braund joining us as CEO last month. Mark has taken over the operational running of the business, while I am now actively seeking acquisition opportunities to broaden the Group's capabilities within niche areas of the IT recruitment industry. We have been encouraged by the calibre of prospects and the pipeline of potential deals is strong.

"Therefore, with our market strengthening, our IQ Equity businesses moving towards profitability and the potential for additional growth through acquisition, we continue to view the future for InterQuest with a great deal of confidence."

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