Group revenues up almost 5% in H1 2019 for Prime People
Prime People Plc has released its unaudited interim results for the six months ended 30th September 2019.
The Group recorded a profit before tax for the period of £1.73m (H1 2019: £1.59m) on revenue of £13.17m (H1 2019: £12.57m). Group revenue of £13.17m was 4.72% higher than the same period last year (H1 2019: £12.57m).
Group net fee income ("NFI") was £8.80m (H1 2019: £7.99m). The company’s overseas business showed strong performance, with NFI for Asia increasing to £4.83m (H1 2019: £3.87m) and contributing 57.90% of group permanent NFI (H1 2019: 52.16%). NFI recorded during the period by its Hong Kong subsidiary, Command Recruitment Group (HK) Ltd ("CMD"), was £2.28m (H1 2019: £1.68m). NFI for the UK business was £3.71m (H1 2019: £3.86m) and Rest of World was £0.26m (H1 2019: £0.27m). Contract NFI represented 5.17% of group NFI against 7.21% in H1 2019.
Administrative costs for the Group were £7.07m (H1 2019: £6.40m) during the period which included planned expenditure for enhancing technology to drive efficiencies across Prime People’s business, greater advertising spend, and higher professional costs associated with our continued focus on organic growth.
In the UK, profit before tax was £0.48m against £0.62m in H1 2019. The company’s Asia business, which covers the Group activities in Hong Kong and Singapore, generated a profit before tax before adjustment for minority interest of £1.24m for the period (H1 2019: £0.95m), of which £0.84m related to CMD (H1 2019: £0.58m).
Prime People’s newly established business in Germany, disclosed under Rest of the World, reported a small profit and is indicating good opportunities for growth.
Basic earnings per share for the period were 9.33p (H1 2019: 10.95p).
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