Interquest profit up 33% in H1
Net cash generated from operating activities was £2.8m (2014: £3.4m). Net debt, consisting of the Group's working capital facility, which it uses to finance fluctuations in contractor levels and cash, was reduced during the period to £6.9m (2014: £7.1m). Interim dividend doubled to 1.0 pence per share to be paid on 16 November 2015.
Operational results were positive with continued organic growth and improved profitability across the Group demonstrating the success of the strategy implemented at the beginning of 2013.
It continues to strengthen its market position in important niche segments servicing the growing demand for high-value skills in the new digital economy. The Group also won three new managed service customers and significantly expanding the relationship with two others including the recently announced Dixons Carphone agreement, which provides evidence of the Group’s ability to capitalise on incremental value add services.
Chief executive officer, Mark Braund, commented, “We are delighted with the strong results delivered during the first half of 2015, building on the foundations put in place at InterQuest over the last three years. Our focus on specialist disciplines in key niche recruitment sectors providing some of the market’s most in-demand skill sets, augmented by a growing managed service capability is delivering significant benefits to the Group and its clients.
"InterQuest operates at the leading edge of the analytics and digital technology revolution in areas that are enjoying significant structural growth which leads to increased demand for our specialist services. As a result, InterQuest is well positioned to deliver further growth during the remainder of 2015 and into 2016. 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 & lsquo;thank you’”.