Penna Consulting, the international human resources consulting group, reported higher revenue and pre-tax profits for the year ended 31 March 2014, boosted by the acquisition HR consultancy Savile Group.
Revenue increased to £69m from £65.5m in 2013, aided by an additional £900k of turnover from Savile Group, which Penna acquired in December 2013, while adjusted pre-tax profits rose from £2.5m to £2.7m. Financial highlights (continuing operations)
- Revenue £69m (2013: £65.5m)
- Adjusted pre tax profits* £2.7m (2013: £2.5m)
- Pre-tax profits after non-recurring exceptional items £0.1m (2013: £2.5m)
- Post-tax loss after discontinued operations and non-recurring exceptional items £1.4m (2013: Profit £1m)
*before non-recurring exceptional items
During the year, Penna Recruitment Solutions’ operating profits tripled to £1.1m (2013: £0.3m)
Savile Group was acquired for £1.1m consideration and incurred additional £2.6m in reorganisation costs. Savile contributed £0.9m of turnover and £0.1m in profit for the three months to 31 March 2014.
Stephen Rowlinson, chairman, says: "The year to 31 March 2014 saw growth of 6% in pre-tax profits for continuing businesses to £2.7m (2013: £2.5m). This modest increase does not fully reflect a number of important and positive trends established in the last 12 months.
“The early weeks of the new company year have seen encouraging trends with all businesses showing advances on the same period of the previous year. We are planning for 2014/15 to be a year of growth in our existing business streams, while we will continue to look for further acquisition opportunities."