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InterQuest Group plc has announced its Interim Results

InterQuest Group plc has announced its Interim Results

InterQuest Group plc (AIM: ITQ), the specialist IT Recruitment Group, is pleased to announce its unaudited interim results for the six months ended 30 June 2011.

Financial highlights

&sect Revenue up 10% to &pound61,057,000 (2010: &pound55,332,000)

&sect Net Fee Income ("NFI") up 11% to &pound7,812,000 (2010: &pound7,035,000)

&sect Adjusted EBITA up 2% to &pound1,761,000 (2010: &pound1,730,000)

&sect Loss before taxation of &pound1,669,000 (2010: profit of &pound1,060,000) after &pound2,892,000 of exceptional costs (2010: &poundnil)

&sect Diluted adjusted earnings per share 3.8 pence (2010: 3.8 pence)

&sect Basic loss per share (5.6) pence (2010: 2.7 pence)

&sect Net cash generated from operating activities &pound2.5m (2010: &pound1.4m)

&sect Net debt &pound5.4m (2010: &pound2.7m)

&sect Interim dividend of 0.5 pence to be paid on 28 October 2011

Operational highlights

&sect Robust growth across the majority of divisions, reflecting continued resilience of our niche IT recruitment model

&sect Strong growth in net fee income from private sector markets, particularly banking and finance and retail has more than offset the anticipated decrease in public sector activity

&sect IQ Equity start up division delivered first half year of profitability

&sect Group fee earner headcount increased by 24% to 170 at 30 June 2011 (30 June 2010: 137)

&sect Continued resilience of our niche IT recruitment model

&sect Appointment of Mark Braund as the Group's new Chief Executive Officer on 25 April 2011

&sect Acquisition of Contract Connection Limited ("CCL") on 21 June 2011

&sect Singapore Managing Director appointed on 1 September and office expected to open in Q4

Gary Ashworth, Chairman of InterQuest, commented, "The general economic outlook appears to have improved slightly during 2011 however future trends are difficult to predict. Our focus is therefore on the strong operational management of the Group and we were delighted to report growth in many areas of the business and in particular the profitability of our IQ Equity division. We continue to closely monitor costs but are investing carefully for the future by hiring and training new fee earners via our own iQaD programme and progressing with select international expansion plans. The second half of the year has begun strongly and we expect full year trading to be in line with expectations."


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