21st Jun 2019 13:04
(Alliance News) - Recruitment firm Prime People PLC boosted its dividend Friday after annual profit and revenue continued to grow amid a "strong" performance from its international business.
For the year ended March, pretax profit doubled to GBP2.5 million from GBP1.2 million the year prior. This was after revenue rose 7.9% to GBP24.7 million from GBP22.9 million the year before, and net fee income increased 21% to GBP15.8 million from GBP13.1 million.
"I am pleased to announce the group delivered a strong performance in the year with increased revenue and profitability," Prime People Managing Director Peter Moore said.
"The UK proved resilient with our permanent business reporting solid results while the UK contract division held up well against the backdrop of legislative changes," Moore added. "Internationally the business has made good progress with a strong performance in Asia Pacific. Asia NFI rose, substantially boosted by the contribution, in our first full year following the acquisition, of Command where an extensive line of new business was obtained during the year."
In October 2017, Prime People acquired a 60% stake in Hong Kong-based Command Recruitment Group Ltd for around GBP1 million.
Prime People proposed a 3.40 pence per share final dividend, up 4.6% from 3.25p the year prior. For the full year, the dividend rose 4.0% to 5.20p from 5.00p the year before.
"The group continues to focus on its core markets to deliver organic revenue growth whilst establishing new markets to drive geographical diversity," Moore continued. "The group is confident about its ability to generate good returns and will continue to invest for the long term."
Shares in Prime People were 14% higher at 93.00 pence in London on Friday.
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