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Penna Consulting Group Preliminary Results for the year ended 31 March 2012

Penna Consulting Group Preliminary Results for the year ended 31 March 2012

Penna Consulting Plc (PNA: AIM), the international human resources consulting group, today announces its preliminary unaudited results for the year ended 31 March 2012.

FINANCIAL HIGHLIGHTS

&middot Revenue &pound68.5m (2011: &pound80.2m)

&middot Net revenues &pound39.1m (2011: &pound40.4m)

&middot Pre tax profits &pound1.8m (2011: &pound0.3m before &pound4.5m of non-recurring exceptional items)

&middot Cash at year end &pound2.8m (31 March 2011: &pound3.4m)

&middot Final dividend 1p (2011: 1p) total dividend for the year 2p (2011: 4p)

&middot Diluted earnings per share 6.0p (2011: 1.0p before non-recurring exceptional items)

OPERATIONAL HIGHLIGHTS

&middot Penna retained its leading position in the UK outplacement market with outplacement revenues showing moderate growth

&middot UK recruitment market remains subdued but Penna continues to win new clients

&middot Fixed cost base reduced by &pound3.9m and operating margins have improved

Commenting on the results and outlook, Stephen Rowlinson, Chairman, said:

"The UK economy faces an unprecedented period of uncertainty. It is possible that the Euro group will avoid implosion and that there will be a coordinated international response to the need for reflation. It is equally possible that politicians will be unable to suspend the laws of economics and that we will see a further and deeper period of recession.

Against this background, Penna's strategy is to have a highly flexible business model and to be able to respond quickly and adapt to changes in market conditions. This is not merely an aspiration. We have a proven track record and are proud of our ability to achieve a six-fold increase in profits while suffering a 15% drop in Gross Revenue.

Our countercyclical Outplacement services are an important protection against the impact of recession and our Recruitment services are poised to expand rapidly when recovery begins. Our focus remains on driving organic growth and maximising the potential of the strength of our relationships with our clients by providing them with service across our two divisions. However, we will continue to consider carefully selective acquisition opportunities if appropriate. We are determined to emerge from this period of challenge as a leading international HR service organisation."

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