PENNA CONSULTING PLC
PENNA CONSULTING PLC
("Penna", the "Company" or "the Group")
Preliminary Results for the year ended 31 March 2011
Penna Consulting Plc (PNA:AIM), the international human resources consulting group, today announces its preliminary unaudited results for the year ended 31 March 2011.
Revenue 80.2m (2010: 108.5m)
Net revenues 40.4m (2010: 50.9m)
Pre tax profits before non-recurring exceptional items 0.3m (2010: 7.3m)
Pre tax loss post non-recurring exceptional items 4.2m (2010: profit 3.6m)
Cash at year end 3.4m (31 March 2010: 5.3m)
Final dividend 1p (2010: 4p) total dividend for the year 4p (2010: 7p)
Diluted earnings per share (before non-recurring exceptional items) 0.95p (2010: 19.3p)
New streamlined organisation under two divisions, Human Resource Consulting and Recruitment Solutions
Appointment of a new Managing Director for the Recruitment Solutions service group
Headcount reduced by 132 (27%) from 497 to 365
Space costs reduced by 0.9m (18%)
Growing pipeline of public sector revenues for outplacement and related restructuring services
Continuing low level of demand for recruitment services in the UK
Commenting on the results and outlook, Stephen Rowlinson, Chairman, said:
"Following the important changes in our organisation and cost structure we are confident that the company will remain profitable even if the current low level of demand continues in 2011/12.
We are not expecting significant growth for our recruitment services during the coming year but the prospects for Human Resource Consulting and, in particular our outplacement services, are more encouraging. We are seeing a steadily rising trend in demand from the public sector for outplacement and we are clearly well positioned as the market leader in the UK for these services. We have won a majority of the contracts tendered by central and local government bodies to handle their downsizing programmes but it has proved difficult to forecast the rate at which these projects will be implemented and we are therefore planning with caution."