FINANCIALS: Penna profits up as outplacement leads the way
Tue, 12 Jun 2012
Despite challenging conditions, international HR consulting group Penna Consulting increased its profits in the year ended 31 March 2012, according to preliminary unaudited results.
Pre-tax profits were £1.8m compared to a £0.3m loss in 2011.
Revenue was down from £80.2m in 2011 to £68.5m. Penna’s outsourcing division HR Consulting grew its revenue from £26.1m in 2011 to £26.9m. However, this was more than offset by a reduction in revenue from its recruitment arm, Recruitment Solutions, where revenue fell from £54.1m to £41.6m.
Penna chairman Stephen Rowlinson says: “Penna’s strategy is to have a highly flexible business model and to be able to respond quickly and adapt to changes in market conditions. This is not merely an aspiration. We have a proven track record and are proud of our ability to achieve a six-fold increase in profits while suffering a 15% drop in gross revenue.
“Our focus remains on driving organic growth and maximising the potential of the strength of our relationships with our clients by providing them with service across our two divisions. However, we will continue to consider carefully selective acquisition opportunities if appropriate. We are determined to emerge from this period of challenge as a leading international HR service organisation.”