RESULTS: InterQuest revenue up as 2011 sees first international expansion
Fri, 25 May 2012
Revenues rose 8% year-on-year to reach £120.9m at IT and technology recruitment firm Interquest in 2011, a year also marked by the launch of the company’s first international office in Singapore.
Net fee income (NFI) was up 14% to £16.6m, while the firm reported a loss for the year of £1.1m, having made a profit of £1.8m in 2010.
This included an ‘exceptional charge’ of £2.9m related to costs “following notification of apparent impropriety within a major client of Contract Connections Limited”, the latter having been acquired by InterQuest in July 2011, for £4.6m.
InterQuest is now trying to claim back £3.8m from Contract Connections’ vendor.
Seventy per cent of income at the business came from recurring revenue in its specialist contract recruitment business, while permanent recruitment NFI increased its share, contributing £5m, an increase by 34% on the previous year.
Executive chairman Gary Ashworth says he is “delighted” with the results, and that with “market conditions in the UK now improving slightly” he is confident of NFI growth which will enable increased investment in the business both in the UK and internationally.