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Highams Systems Services Group plc issues Preliminary Results for the year ended 31 March 2011

Highams Systems Services Group plc issues Preliminary Results for the year ended 31 March 2011
 
The AIM quoted recruitment consultancy and leading niche provider of technology, business and professional services to the insurance and financial services sectors.
 
Highlights
 
Increase in revenue, gross margin and profit
Group revenue at 9m (2010: 7.5m)
Group profit before taxation 303,000 (2010: 131,000)
Profit margins improved to 18 per cent. (2010: 16.8 per cent.)
Earnings per share 0.73p (2010: 0.34p)
Market activity continues to improve
Increase number of contractors on site and permanent placements
Stronger Highams team, both in size and delivery capability
Increase in new clients in specialist areas
 
Ken Ford, Chairman of Highams, commented:
"I am pleased to report our full year results to 31 March 2011, which have seen an encouraging and sustained increase in revenue, gross margin and profit and the continued turnaround and growth of our business.
The Group's financial performance, along with an improved balance sheet and cash position, now provide Highams with the opportunity to build on its existing strong client base and to move into new specialist areas within the financial services arena."
 
Chairman's Statement
 
Introduction
 
I am pleased to report our full year results to 31 March 2011, which have seen an encouraging and sustained increase in revenue, gross margin and profit and the continued turnaround and growth of our business.
 
The Group's financial performance, along with an improved balance sheet and cash position, now provide Highams with the opportunity to build on its existing strong client base and to move into new specialist areas within the financial services arena.
 
Contractor numbers have increased steadily over the period and permanent revenue has continued to be strong.
 
Our strategy is to build in our specialist areas ensuring delivery to our niche market within the insurance and financial services sector. Selective recruitment of new staff into the company has continued from the prior period, enhancing the levels of activity required to meet the needs of our clients and delivery of our specialist services. We believe that the Highams offering and quality of our service is based upon our staff's deep understanding and knowledge of our clients' requirements and their markets.
 
We are also focussed on re-opening a London presence to be able to offer increased visibility to our City clients and applicants and Highams continues to explore the possibility of growing strategically by acquisition along with assistance from our Nominated Adviser, Seymour Pierce.
 
Financial Results
Group revenue increased by 20 per cent. to 9m (2010: 7.5m), primarily reflecting an increase in the number of contractors working on client sites during the year.
 
Gross profit improved by 29 per cent. to 1.63m (2010: 1.26m), with profit margins increased again to 18 per cent (2010: 16.8 per cent).
Group profit before taxation increased substantially by 131 per cent. to 303,000 (2010: 131,000). The Directors are not recommending the payment of a final dividend for the year to 31 March 2011 (2010: nil), but a resumption in future dividend payments will be kept under review.
 
Executives and Staff
 
We remain a strong team of very knowledgeable long serving staff and we look forward to continuing to build Highams. I would like to acknowledge the loyalty and commitment of all the staff to the group and am extremely grateful for their efforts. Again I extend a very warm welcome to all new members of the team and I look forward to their development and the future success of Highams.
 
Outlook
 
I am pleased by the substantial progress seen during the year and the considerable achievement by all at Highams. We look forward to continuing this progress over the coming financial year.

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