28th Oct 2015 08:34
LONDON (Alliance News) - Prime People PLC Wednesday reported growth in profit in the first half of its financial year as it appointed a new finance director.
Shares in Prime People were trading up 22% at 134.00 pence early Wednesday following the announcement.
The recruitment company said its pretax profit in the six months ended September 30 rose to GBP1.1 million from GBP640,000 in the same period the year before, as revenue increased to GBP10.2 million from GBP8.0 million.
It said growth was generated from its permanent business, which represents 92% of net fee income. Net fee income grew 24% to GBP6.2 million from GBP5.0 million, with strong performances in the UK and Asia.
Prime People will pay an interim dividend of 1.75 pence, which is flat year-on-year, as well as a special dividend of 4.00p, also flat year-on-year.
"We have expectations that the UK businesses will perform at least at similar levels to the first half of the year. We are looking for continued improved performance from our businesses in Asia which we believe will provide us with increased opportunities for growth in the mid to long term. We continue to have conservative expectations as to the likely performance from our businesses in the rest of the World. We believe we are well positioned to capitalise on both current and future growth opportunities," Chairman Robert Macdonald said in a statement.
"The present focus for the group is to maximise the returns from recent investment in technology and to increase productivity of the business. We continue to recruit new heads into those markets where there is potential for NFI and profit growth," he added.
Separately, Prime People announced that Finance Director Christopher Heayberd retired from his role effective last Tuesday, but will remain a non-executive director.
He has been replaced by Donka Zaneva-Todorinski who was promoted from her role as financial controller of Macdonald & Co Group Ltd, a Prime People subsidiary. She joined Macdonald in 2011, initially as a management accountant.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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