9th Jun 2015 08:48
LONDON (Alliance News) - Penna Consulting PLC Tuesday said it remains confident in its outlook as it posted a swing to a pretax profit for its recently ended financial year, citing continued growth in the UK economy which is driving increases in its clients expenditure.
For the year to end-March, the human resources consulting company posted a pretax profit of GBP3.9 million, up from a pretax loss of GBP1.5 million a year before, as revenue rose to GBP84.4 million from GBP69.0 million and exceptional costs of GBP2.6 million did not recur.
In Recruitment Solutions revenue rose 30%, while in its Career Services business, revenue rose 18% and in Talent Practice revenue rose 28%. Penna said its business has "considerable momentum", and it expects a "dramatic rise in volumes and in expenditure per Human Resources project" as the UK economy continues to grow strongly.
The company said it invested in building its professional teams during the year.
Penna Consulting proposed a final dividend of 4.0 pence, taking its total dividend for the year to 6 pence, up from 3 pence a year before.
"The business is well balanced, and all three divisions made considerable progress. As the UK economy continues to grow strongly we are seeing a significant rise in clients' expenditure on recruitment and other HR projects. Penna continues with impressive momentum," said Chairman Stephen Rowlison in a statement.
Shares in Penna are trading up 16% at 171.50 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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