FINANCIALS: InterQuest profits from return to niche
11 September 2013
The executive chair of IT and tech recruitment group says the company’s “re-focus on niche sectors within the group’s technology market” is showing evidence of delivering increase revenues, margins and average placement fees.
Wed, 11 Sep 2013The executive chair of IT and tech recruitment group says the company’s “re-focus on niche sectors within the group’s technology market” is showing evidence of delivering increase revenues, margins and average placement fees.
This comes as the recruitment company's results for the six months to 30 June, available online, show revenues up 0.7% on the same period last year, reaching £56.2m.
Net fee income was up 2.3% to £8.5m and operating profit for the half-year was £1.1m, up from £646k in the same period in 2012, after making a loss in 2012 as a whole.
The first half of the year saw improved results due to 2012’s reorganisation “from a group of affiliated IT recruitment businesses into one with clearly defined specialist businesses utilising a common methodology, a single operating platform and new IQ branding”, the results document says.
Last year also saw a new chief operating officer appointed, the sale of the PayQuest umbrella company and the rebranding of the firm’s Mint business.
Ashworth adds: “These improvements, together with increased efficiencies in all of our business processes and systems which were consolidated and streamlined last year, have combined to deliver better results in the first half of 2013 and we look forward to building on this improvement during the remainder of the year and beyond.”
This comes as the recruitment company's results for the six months to 30 June, available online, show revenues up 0.7% on the same period last year, reaching £56.2m.
Net fee income was up 2.3% to £8.5m and operating profit for the half-year was £1.1m, up from £646k in the same period in 2012, after making a loss in 2012 as a whole.
The first half of the year saw improved results due to 2012’s reorganisation “from a group of affiliated IT recruitment businesses into one with clearly defined specialist businesses utilising a common methodology, a single operating platform and new IQ branding”, the results document says.
Last year also saw a new chief operating officer appointed, the sale of the PayQuest umbrella company and the rebranding of the firm’s Mint business.
Ashworth adds: “These improvements, together with increased efficiencies in all of our business processes and systems which were consolidated and streamlined last year, have combined to deliver better results in the first half of 2013 and we look forward to building on this improvement during the remainder of the year and beyond.”
