Technology and digital boost InterQuest growth
InterQuest Group has released its results for the year ending 31st December 2015, announcing a strengthening of its niche businesses, notably in the technology and digital markets, has bolstered its growth.
InterQuest stated its revenue is up 5% to £158.6m (2014: £150.6m) and its Net fee income (NFI) is up 3% to £23.8m (2014: £23.2m).
Adjusted EBITA is up 12% to £5.5m (2014: £4.9m), adjusted PBT is up 11% to £5.0m (2014: £4.5m) and statutory profit after tax up 35% to £3.1m (2014: £2.3m). Net cash generated from operating activities was £5.8m (2014: £5.4m).
The Group confirmed its permanent recruitment fees are up 9% at £7.9m (2014: £7.3m). It added that segmental EBIT from its niche businesses now accounts for 69% of the total EBIT for the Group (2014: 64%).
The Group recorded a 6% increase in clients on 2014 and a 16% increase in revenue in its recruitment process outsourcing service, with an increase in the number of customers from two to five.
Year-end net debt is down 28% to £6.0m (2014: £8.3m) and adjusted net operating margin (adjusted EBITA/NFI) improved by 180-bps from 21.1% to 22.9%.
Chris Eldridge, CEO of InterQuest said, "The 2015 results show that the Group's focus on specialist skill areas and the development of our solutions business to meet our clients' needs is working. I am delighted to have joined the business at such an exciting time and look forward to delivering our strategic plan and further expanding our organic growth in the fast-paced technology practices in which we specialise and which our clients require.
“We continue to work closely with our clients to help them shape their business and implement operating model changes by finding the 'rare skill sets candidates' they require to meet the needs of the new digital economy.
“Following on from a record 2015 the new financial year has started positively. Our 2015 performance is a direct result of the hard work and commitment that all my colleagues across the Group have shown and I would like to thank them all on behalf of the Board for their contribution to our success.
"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 'thank you'”.