29th Jan 2014 09:38
LONDON (Alliance News) - Outsourcing and recruitment firm Servoca PLC Wednesday reported higher profits and revenues for the year ended September 30, 2013.
The group said its performance for the year was driven by improved profitability in its education recruitment businesses, where strong revenue growth fuelled a 50% uplift in operating profits.
It said its healthcare-related businesses benefited from cost-cutting initiatives implemented the previous year, to help reduce their overheads, and its police and security related businesses also delivered increases in revenues and gross profits over the prior year.
Servoca reported a pretax profit for the 12 months to September 30 of GBP672,000, a significant increase from a pretax profit of just GBP46,000 a year earlier.
"We are very pleased to have returned to growth after a challenging period. We now have a solid cash generative and profitable platform from which to drive the business forward, both organically and through suitable acquisitions," said Chief Executive Officer Andy Church in a statement.
The group said revenue for the year came in a GBP43.1 million, up from GBP42.5 million a year earlier.
It reported a gross profit of GBP12.3 million, an increase of 2.3% when compared with GBP12.0 million the prior year.
Servoca said basic earnings per share for the year was 0.45 pence compared with a loss per share of 0.04 pence in 2012.
It said its net debt decreased to GBP3.07 million, from GBP3.27 million a year earlier, and cash generated from operations in the year was GBP0.7 million.
Servoca shares were trading 2.4% lower at 8.05 pence per share Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Servoca