7th Nov 2013 10:46
LONDON (Alliance News) - Prime People PLC Thursday said its half-year pretax profit rose on the back of lower administrative expenses, after an 8% rise in revenue failed to nudge net fee income up past last year's figure.
Prime People, which recruits executive, professional and technical staff for clients said its pretax profit increased to GBP297,000 for the six months to September 30, compared with GBP117,000 for the corresponding period last year.
"As we step into the second half of the year we have reasonable expectations that the UK businesses will continue to perform at least at similar levels to the first half of the year or better. We are looking for continued improved performance from our businesses in Asia, but have conservative expectations as to the likely performance from our businesses in the Rest of the World," the company said in a statement.
"The focus for the group is to maximize the returns from recent investments and continue to recruit new heads into those markets where there is potential for net fee income and profit growth," the company added.
Revenue increased 8% to GBP6.8 million, mainly because of the UK temporary recruitment services business, but the cost of sales rose at a similar pace, meaning that the GBP3.76 million in net fee income was broadly in line with the GBP3.78 million reported last year.
In fact, the rise in pretax profit came about after administrative expenses fell to GBP3.5 million, compared with GBP3.7 million reported last year, as a result of "tight cost controls" that the company continues to maintain.
However, basic earnings per share rose to 1.94 pence compares with 0.57 pence at this stage last year.
Prime People shares were Thursday quoted at 75.00 pence, down 1.3%.
By Samuel Agini; [email protected]; @samuelagini
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