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Penna announces preliminary financial results

&middot    Diluted earnings per share* 8.2p (2013: 8.9p) from continuing operations

&middot    Pre tax profits after non-recurring exceptional items &pound0.1m (2013: &pound2.5m)

&middot    Post tax loss after discontinued operations and non-recurring exceptional items &pound1.4m (2013: Profit &pound1.0m)

*before non-recurring exceptional items

OPERATIONAL HIGHLIGHTS

&middot      Recruitment Solutions operating profits tripled to &pound1.1m (2013: &pound0.3m)

&middot      A full Career Services pipeline at end year from Banking and Retail

&middot      Savile Group acquired for &pound1.1m consideration and incurred additional &pound2.6m in                                  reorganisation costs

&middot      Savile contributed &pound0.9m of turnover and &pound0.1m in profit for the three months to 31 March 2014

 Commenting on the results and outlook, Stephen Rowlinson, chairman, said, "The year to 31 March 2014 saw growth of 6% in Pre Tax Profits for continuing businesses to &pound2.7m (2013: &pound2.5m). This modest increase does not fully reflect a number of important and positive trends established in the last twelve months. During the year we gained some major new clients and with them and existing clients planned a series of projects to be implemented during 2014/5.

An important event in the year was our acquisition of Savile Group which has already made a positive contribution to profits.

The early weeks of the new company year have seen encouraging trends with all businesses showing advances on the same period of the previous year. We are planning for 2014/15 to be a year of growth in our existing business streams while we will continue to look for further acquisition opportunities."

Picture: Gary Browning, chief executive

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