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Human Capital Resources plc Half Year Results

Human Capital Resources plc Half Year Results For the six months ended 30 June 2011

“I am pleased to report Human Capital Resources plc’s half year results for the six months ended 30 June 2011.  During the period under review the group has expanded both organically, through the hiring of additional experienced and high quality recruiters, and through cost effective acquisition, resulting in new revenue streams and additional sector coverage. In addition, the Company raised &pound500,000 through a fundraising in April 2011.

Acquisitions
On 8 June 2011, we announced the acquisition from the administrators of Kinsey Allen International Limited (in administration) of an interim/contractor book and database, and the database, work in progress and associated assets of RUSTON Wheb Limited, a Kinsey Allen subsidiary which operated in the cleantech space. The consideration paid was &pound11,500, with future fees generated from the contractor book and RUSTON Wheb work in progress also being shared with the administrators. These acquisitions, whilst relatively small, give us the opportunity to add new ongoing long term contract business on the one hand, and to enhance our CleanTech offering via our subsidiary, Climate Human Capital, on the other. 

On 22 June 2011, we announced the acquisition of Berkeley Frost Limited, a recently established well regarded executive search firm specialising in the financial services sector. Since acquisition we have added several additional high quality search consultants to the business. This has allowed us to expand our offering into UK Investment Banking, Private Equity and Capital Markets and, since the half year end, into the USA, where we have just opened a New York office.

Fundraising
On 27 April 2011, we announced the completion of a &pound500,000 fundraising to provide the group with additional working capital. At the same time, Paul Bell and Richard Ward, both of whom have significant recruitment industry experience, were appointed as directors, whilst I replaced Peter Evans as Non-Executive Chairman. I would like to welcome Paul and Richard to the board, and to thank Peter for his hard work and guidance.

Financial
Revenues in the first half of this year have increased significantly over the same period last year and were &pound886.4k (2010: &pound24.1k). This increase is both organic and acquisition driven. Losses after tax for the period were reduced to &pound105.4k (2010: loss &pound172.1k), and costs have continued to be well controlled.

People
In a fledgling business I am acutely aware that success is highly dependent on the people in that business. In the relatively short time that the group has been running, I believe that we have built an exceptional team, and would like to thank our employees for their hard work and efforts so far, and for their unwavering support.

Future
Looking ahead, our objectives are to continue to increase revenues and to guide the group towards profit. Our intention is to do this through organic means and, to the extent that the right opportunities present themselves, through further targeted acquisitions. It is the board’s opinion that this combination will provide the best potential for the delivery of long term shareholder value.”

Mike Brennan – Group Chief Executive

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