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.
§ Revenue down 6% to £55,809k (2011: £59,055k)
§ Net Fee Income ("NFI") up 6% to £8,289k (2011: £7,812k)
§ Gross margin % improved from 13.2% to 14.9%
§ Permanent recruitment fees 20% higher at £2,748k (2011: £2,283k)
§ Improvement in contract recruitment margins from 10.5% in the first half of 2011 to 11.5% in the first half of 2012.
§ Adjusted EBITA down 39% to £1,072k (2011: £1,760k)
§ Adjusted PBT of £932k (2011: £1,665k)
§ Diluted adjusted earnings per share 2.2 pence (2011: 3.8 pence)
§ Basic earnings per share 1.2 pence (2011: Loss of (5.6) pence)
§ Net cash used in operating activities £0.2m (2011: Net cash generated of £2.5m)
§ Net debt £6.4m (2011: £5.4m)
§ Interim dividend of 0.5 pence to be paid on 26 October 2012
§ First overseas office opened in Singapore in Q4, 2011 which now has 13 fee earners
§ In February, our Financial Services businesses moved onto a single operating platform under one business leader in a new office in Canary Wharf
§ In March, we established a new international business from scratch based in our London office
§ 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
§ Gary Goldsmith joined us as Chief Operating Officer on 17 February and
§ 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."