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InterQuest Group plc Transforms Its Business

InterQuest Group plc Transforms Its Business

InterQuest Group plc  has announced its audited results for the year ended 31 December 2012.

Financial Highlights

- Revenue &pound112.7m (2011: &pound120.9m) down 7 %

- Net fee income (gross profit or NFI) &pound16.4m (2011: &pound16.7m) down 2 %

- Gross profit margin % up 70 basis points at 14.5% (2011: 13.8%)

- Gross profit margin % on contractor recruitment business (excluding PayQuest and payroll deals) up 60 basis from 10.9% to 11.5%

- EBITA before non-recurring items and share based payment charge &pound1.8m (2011: &pound3.8m) down 53% (see note 1 for reconciliation)

- Loss for the year &pound0.1m (2011: &pound1.1m loss)

- Basic adjusted earnings per share 3.5 pence (2011: 8.0 pence) down 56%

- Basic loss per share 0.4 pence (2011: loss per share of 3.4 pence)

- Net cash from operating activities &pound0.9m (2011: &pound2.6m)

- Cash generated from operations pre-tax &pound1.9m (2011: &pound3.4m)

- Net debt decreased from &pound5.5m at start of 2012 to &pound4.4m at 31 December 2012

- Second interim dividend of 2 pence per share is proposed and will be paid on 12th April 2013 (2011: 2 pence per share) bringing the total dividend for the year to 2.5 pence per share (2011: 2.5 pence per share)

EBITA Earnings before interest, tax and amortisation

Operational Highlights

- Extensive restructure of all of our core businesses into specialist niche focused divisions by either technology or industry specialization

- Successful rebranding of these "IQ" niches rolled out across the Group

- Migration of all of these businesses onto a single best practice operating platform

- First international office opened in Singapore in late 2011 provides platform for expansion


Gary Ashworth, Executive Chairman, commented: "We transformed our business during 2012 and I am pleased to say that we are now organised into keenly focused niche businesses utilising a common methodology, a single operating platform and new IQ branding. We invested in a spot recruitment business in 2012 which did not deliver to our expectations and has now been decisively curtailed. As we enter 2013, we have a significantly reduced cost base compared to mid 2012 and our January and February NFI is circa 5% ahead of a year ago. I believe that this stands us in good stead for the year ahead."


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