Penna's Q1 PBT more than doubled to 1.23 million
"Unaudited management accounts for the quarter show revenue 24% higher than the same period of last year and profits before tax more than doubled to £1.23 million.
"The major advance was in our Recruitment Solutions division which achieved a 34% growth in revenue to £4.45 million (2013/14: £3.32 million) and a 17.5% operating margin (2013/14: 3.3%) to produce 610% growth in profit before tax to £0.78 million (2013/14: £0.11 million) for the quarter.
"Our market leading Career Services division grew revenue by an impressive 24% to £4.87 million (2013/14: £3.94 million) and profit by 13% to £0.97 million (2013/14: £0.86 million). Operating margin was 19.9% (2013/14: 21.8%). This performance demonstrates clearly that while Career Services has counter-cyclical merits it can also grow powerfully in an economic upswing.
"Our smaller divisions, Talent Management and Penna España, are in turn-around mode and together produced a loss of £0.28 million (2013/14: £0.118 million). Central Plc costs in the quarter were £0.24 million. (2013/14: £0.22 million).
"Overall, revenue in the quarter was 24% higher at £10.4m (2013/4: £8.4m) and profit before tax was 116% higher at £1.23m (2013/14: £0.57m).
"The Penna team are to be congratulated on delivering these excellent results."