InterQuest Group announce year end adjusted PBT up 96%
· Net debt at year end of £8.3m (2013: £9.0m)
· Second interim dividend of 2 pence per share**
Improved margins & ratios
· Gross margin % improved by 30-bps from 15.1% to 15.4%
· Net operating margin (adjusted EBITA/NFI) improved by 670-bps from 14.4% to 21.1%
· Continued improvement in contract recruitment gross margins (up 10 basis points to 12.6%)
· ECOM (acquired in 2013) performed ahead of expectations following successful integration
· Organic growth and improved profitability across the Group as the results of the strategy implemented at the beginning of 2013 continue to be seen
· Launched IQ InfoSec to provide specialist recruitment services to this fast growing market
· Permanent recruitment fees up 35% at £7.3m (2013: £5.4m) contract recruitment fees up 33% at £16.0m (2013: £12.0m)
· The Group continues to strengthen its business mix and market position in important niche segments servicing the growing demand for skills in the new digital economy
Mark Braund, CEO of InterQuest said:
“We are delighted with the results and progress made during 2014, which clearly demonstrate the benefits of our decision to focus on specialist recruitment services that provide some of the market’s most in-demand skill sets.
“ECOM, the UK’s leading digital technology recruitment company, which we acquired in November 2013, has made an outstanding contribution to InterQuest and our programme of cross-selling digital skills to the Group’s existing customer base has enhanced its contribution.
“InterQuest is now strategically placed to be a market leader in permanent and contract recruitment across specialist areas that are growing fast and will keep growing. These include information security, data analytics, telecommunications, change management and digital skills. In each of these areas we operate as a distinct niche recruitment practice, all of which are fully integrated under the IQ brand and operate to the same high standards.
“InterQuest is seen as an efficient, reliable and sometimes only source of talent for organisations that rely on analytics and digital technologies and our strategy of focusing on these specialist disciplines underpins our success, which we believe will deliver further growth during 2015.
“Above all, our results, market position and success are made possible by the tremendous people that make up the InterQuest Group to them, on behalf of the Board we say a heartfelt & lsquo;thank you’”.