Penna's Profit after Tax up 36% in First Half and Interim Dividend doubled to 4p per share
· Gross Revenue 15% to £47m (2014: £41m)
· Net Revenue 20% to £25m (2014: £21m)
· Operating Profit 34% to £2.8m (2014: £2.1m)
· Profit after Tax 36% to £2.3m (2014: £1.7m)
· Earnings per Share 36% to 9.1p (2014: 6.6p)
· Interim Dividend 100% to 4.0p (2014: 2.0p)
· Net cash £4.2m (31 March 2015: £2.3m)
· Net cash generated by operating activities £3.7m (2014: £1.0m)
· Further impressive growth of Recruitment Solutions: Net Revenue 25% to £11.2m (2014: £8.9m) and Operating Profit 16% to £1.6m (2014: £1.3m)
· Steady performance from Career Services: Net Revenue 8% to £10.4m (2014: £9.9m) and Operating Profit held at £1.8m
· Turnaround of Talent Practice: Net Revenue 45% to £3.1m (2014: £2.6m)
Commenting on the results and outlook, Stephen Rowlinson, Chairman, said:
"Penna made further substantial progress in the first half with Profit after Tax up 36% to £2.3m and Earnings per Share up 36% to 9.1p. These advances are particularly noteworthy because comparisons are with performance in H1 last year, which at the time I was able to describe as "by far the best first half performance from the Company since the beginning of the recession in 2009".
As the UK economy continues to grow we are seeing a significant rise in clients' expenditure on recruitment and other HR projects. Penna continues with impressive momentum and we remain confident of the outlook for the Group. We now believe that profit for the year will be ahead of management's original expectations and we are doubling the Interim Dividend."