The recruitment industry's trade body has made profits of nearly £160,000, according to latest figures.

Surplus after tax was £158,882, it was claimed at the Recruitment and Employment Confederation's Annual General Meeting.

The REC had been operating in the red and lost more than £90,000 in 2001 and around £100,000 in 2002.

Managing director Gareth Osborne, who joined at the beginning of 2003, claimed that membership had also increased.