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InterQuest Group plc is pleased to announce its unaudited interim results for the six months 30 June

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 2012.

Financial highlights

&sect Revenue down 6% to &pound55,809k (2011: &pound59,055k)

&sect Net Fee Income ("NFI") up 6% to &pound8,289k (2011: &pound7,812k)

&sect Gross margin % improved from 13.2% to 14.9%

&sect Permanent recruitment fees 20% higher at &pound2,748k (2011: &pound2,283k)

&sect Improvement in contract recruitment margins from 10.5% in the first half of 2011 to 11.5% in the first half of 2012.

&sect Adjusted EBITA down 39% to &pound1,072k (2011: &pound1,760k)

&sect Adjusted PBT of &pound932k (2011: &pound1,665k)

&sect Diluted adjusted earnings per share 2.2 pence (2011: 3.8 pence)

&sect Basic earnings per share 1.2 pence (2011: Loss of (5.6) pence)

&sect Net cash used in operating activities &pound0.2m (2011: Net cash generated of &pound2.5m)

&sect Net debt &pound6.4m (2011: &pound5.4m)

&sect Interim dividend of 0.5 pence to be paid on 26 October 2012

Operational highlights

&sect First overseas office opened in Singapore in Q4, 2011 which now has 13 fee earners

&sect In February, our Financial Services businesses moved onto a single operating platform under one business leader in a new office in Canary Wharf

&sect In March, we established a new international business from scratch based in our London office

&sect In March, we migrated all of our candidate-centric recruitment business into a single, separate practice aimed at placing niche candidates into niche roles rather than just filling vacancies

&sect Gary Goldsmith joined us as Chief Operating Officer on 17 February and

&sect We have increased the number of fee earners in the Group from 169 in December 2011 to 194 currently.

Gary Ashworth, Chairman of InterQuest, commented "The first half of 2012 has been a period of significant change for the Group,the fruits of which will begin to be borne out in the second half of this financial year and beyond. We have restructured and rebranded our niche focused core businesses and established a separate candidate-centric business plus an International desk in London, to complement our Singapore office that opened in late 2011. We have made these investments for the medium/long term at the expense of short term 2012 profitability and, while such investment is not made lightly, we are confident that InterQuest is building a platform for improved organic growth in the future."


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