Servoca’s gross profit up over 14% YoY
Servoca has released its unaudited interim results for the six months ended 31st March 2016.
During the six months to 31st March 2016, revenues were £34.44m (2015: £28.12m), an increase of 22.5%, which resulted in a gross profit of £8.95m (2015: £7.84m), an increase of 14.2%.
Administrative expenses (before amortisation and share based payments) for the current period were £7.58m (2015: £6.78m), an increase of 11.8%.
The profit before tax (before amortisation and share based payments) increased to £1.33m (2015: £1.03m), an increase of 30.0%.
Basic earnings per share (before amortisation and share based payments) for the period to 31st March 2016 were 0.85p (2015: 0.66p), an increase of 28.8%.
Net debt at 31st March 2016 was £1.30m (March 2015: £1.60m, September 2015: £1.98m).
The company states that it is continuing with its share buyback program and at the date of this report, holds 1,131,926 shares in treasury.
Andy Church, CEO, commented, “As indicated in our recent trading update, continued growth has helped the Group to deliver results significantly ahead of the same period last year. Strong sales growth had led to a 30% increase in pretax profits. Full year profitability will benefit from the pivotal September period for our Education Recruitment business and the Group is well placed to deliver against full-year expectations.”