3rd May 2007 07:01
Prime People PLC03 May 2007 3 May 2007 Prime People Plc ("Prime People" or the "Company") Trading Update In advance of its preliminary results for the year ended 31 March 2007, PrimePeople, the specialist recruitment group to the real estate, commercial propertyand infrastructure sectors (AIM: PRP.L) today gives an update on trading. Net fee income ('NFI') for the year ended 31 March 2007 grew by 23% to £10.8million (2006 pro forma: £8.8 million), with the four overseas offices openedduring the year already contributing 10% of total NFI in the period. During the year Prime People set up offices in Dubai, Hong Kong, Australia andthe Republic of South Africa. The Dubai and Hong Kong offices, which wereestablished in the first half of the year, are accessing areas of particularlyhigh economic growth. The Australian and South African offices, which openedmore recently, address local markets and facilitate the global movement of theprofessionals that the Company places. In opening the Australian operation the Company took advantage of anopportunity, which was not originally planned for, and this has given rise tostart-up costs of approximately £0.09 million. In addition, a slower start totrading in Hong Kong than had been previously anticipated, resulted in start-uplosses of £0.08 million in the period. The Company expects NFI derived from overseas offices to continue to increase asa proportion of total NFI in 2007/8. The Board expects pre tax profits for the year ended 31 March 2007 to be around£2.0 million net of the above investment costs, an increase of 14% on theprevious year (2006 pro forma: £1.76 million). Further detail will be given when the Company announces its preliminary resultson 7 June 2007. - ENDS - Enquiries Prime People 020 7318 1785Robert Macdonald, Executive ChairmanChris Heayberd, Finance Director Arbuthnot Securities 020 7012 2000Andrew Fullerton / Ian Williams Hogarth 020 7735 9477James Longfield / Georgina Briscoe / Charlie Field This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PRP.L