InterQuest Group announces NFI up 34% in 6 month results
§ Basic earnings per share up 10% to 3.2 pence (2013: 2.9 pence)
§ Basic adjusted earnings per share up 81% to 4.9 pence (2013: 2.7 pence)
§ Net cash generated from operating activities £3.4m (2013: £0.5m cash used)
§ Net debt £7.1m (2013: £5.7m)
§ Interim dividend of 0.5pence per share to be paid on 17th October 2014
*Adjusted for share based payment charge, amortisation, exceptional items and one-off profit on sale of PayQuest Group Limited in 2013.
Strong performance from ECOM (acquired in 2013) ahead of expectations and successful integration completed
Organic growth and improved profitability across the Group as we continue to deliver on the focused strategy implemented at the beginning of 2013
Continued improvement in contract recruitment gross margins demonstrating the clear benefits of our focus on niche specialist recruitment
Contract book has grown organically by 12.7% between January 2014 and June 2014 (comparing £'s per day net fee income in June to January)
Net operating margin (adjusted EBITA/NFI) improved by 580-bps from 15.3% to 21.1%
Chief Executive Officer, Mark Braund, commented, "We are delighted with the strong progress made during the first half of 2014, building on the foundations put in place at InterQuest over the last two years. Our focus on specialist niche recruitment services providing some of the market's most in-demand skill sets is delivering significant benefits to the Group and its relationship with its clients. The Group operates at the leading edge of the analytics and digital technology revolution with momentum continuing to build in the second half of 2014. Our focus on specialist disciplines in key niche markets driven by the emerging importance of big data underpins our success, we continue to invest in these areas and anticipate this will deliver further growth during the remainder of 2014 and into 2015. Recently acquired ECOM, the UK's leading digital technology recruitment company, has made an outstanding contribution and enhanced the opportunity for cross-selling throughout the Group. Our results and market position are made possible by the tremendous people that make up the InterQuest Group to them, on behalf of the Board we say a heartfelt 'thank you'".