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Networkers International PLC has announced its final results for the year ended 31 December 2011.

Networkers International PLC, the AIM-listed international recruitment company, has announced its final results for the year ended 31 December 2011.

Highlights

•             Revenues up 24.2% to &pound190m (2010: &pound153m)

•             Net fee income (gross profit) increased by 24.7% to &pound30.31m (2010: &pound24.31m)

•             Pre-tax profits of &pound6.60m (2010: &pound4.28m)

•             Adjusted* pre-tax profits for the year increased by 43.6% to &pound6.62m (2010: &pound4.61m)

•             Adjusted* EPS (basic earnings per share) increased by 28.7% to 4.22p (2010: 3.28p) 

•             Conversion ratio improved to 22.8% (2010: 20.3%)

•             Contract net fee income has shown growth of 21.3% on prior year, with permanent placements showing growth of 15.3%.  Permanent placements represent 17.6% of net fee income.

•             Strong balance sheet and good liquidity with net assets of &pound20.0m and net current assets of  &pound13.0m and

•             A recommended final dividend of 0.55p per share giving a total of 1.00p per share for the year (2010: 0.662p per share) being a 51% increase on prior year.

Commenting on today’s results, Spencer Manuel, CEO, said “I am pleased to report that 2011 has been a year of record profits for the Group with pre tax profits up 54% to &pound6.6m. We have made excellent progress in our strategy of international expansion, particularly in expanding our IT and Energy offerings into our international offices that had previously only focussed on telecoms recruitment.”

“Whilst we are mindful of the fragile economic environment in some regions of world, with our strong balance sheet, experienced management team and geographical diversification, we are able to continue to invest wisely in markets and geographies that present growth opportunities within our core markets of Telecom, Specialist IT and Energy & Engineering.”

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