8th Jan 2010 07:00
8th January 2010
InterQuest Group plc
("InterQuest" or "the Group")
Trading Update and Dividend Announcement
IT staffing specialist, InterQuest Group plc is pleased to issue a trading update for the year ended 31st December 2009 and announce a dividend of 2 pence per ordinary share to be paid on 19th February 2010 to shareholders on the share register on 22nd January 2010.
Highlights
Full year results expected to be in line with market expectations
Dividend for the year doubled to 2 pence per ordinary share, to be paid on 19th February 2010
Strong cash management with operating cashflow expected to exceed EBITA for the year
Balance sheet substantially stronger due to profitability and management of working capital
Net debt reduced and expected to be less than £3.0m at year end, down from £5.5m at the start of 2009
Indications of renewed strength in the IT recruitment market
Operational update and outlook
The Board is pleased to report a strengthening in trading in our core businesses in the final quarter of 2009.
Permanent placement fees increased significantly in Quarter 4 of 2009 compared to the first nine months of the year and there are signs that various sectors, such as the financial services market, are beginning to reinitiate their recruitment programmes.
The Company continues to invest in the five new businesses which were started in 2009 under our IQ Equity programme.
Gary Ashworth, Executive Chairman of InterQuest, commented, "Whilst the recession has clearly impacted the flow of revenues into the business in 2009, we have remained a profitable company and enter 2010 with a strengthened balance sheet and an enlarged business. Although long-term visibility remains uncertain, market conditions appear to be improving and we look to the future with confidence."
InterQuest will announce its preliminary results for 2009 on Tuesday 2nd March 2010.
For further information please contact:
|
InterQuest Group plc |
Cenkos Securities plc |
ICIS |
|
020 7025 0100 |
020 7397 8900 |
020 7651 8688 |
|
Gary Ashworth, Executive Chairman |
Ivonne Cantu |
Caroline Evans-Jones |
|
Michael Joyce, Finance Director |
Camilla Hume |
Fiona Conroy |
About InterQuest
The InterQuest Group is a specialist IT recruitment group providing contract and permanent recruitment services within niche disciplines in the UK and Europe. The Group comprises seven separately branded specialist divisions covering a broad range of skill sets and industries including Public Sector, SAP, Oracle, CRM Testing, Banking, Insurance, Retailing, Pharmaceuticals, Media, Analytics, Infrastructure and Communications plus majority shareholdings in five further specialist businesses in the IQ Equity division.
Related Shares:
InterQuest Group