FINANCIALS: Banking specialist Huntswood sees drop in profits

Banking and compliance staffing specialist Huntswood has seen a drop in year-on-year profit, according to results for the year to 30 September 2016.

The results, filed with Companies House in the last month, reveal the group saw a year-on-year drop in revenue to £303.9m from £306.6m. Operating profit was also down to £45.8m from £50.6m, along with pre-tax profits to £35.3m from £42.7m over the period.

In its results, Huntswood said it had seen a “different level of scrutiny and supervision” by banking and finance regulators. But the group added its strategy of targeting new clients, sectors and geographies, along with maximising work within its current client base while still maintaining a focus on costs, had helped maintain revenue and margin in a “very competitive” market.

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