Telecoms and technology recruiter Glotel says its margins have improved, and that it ended its financial year on 31 March with
a positive cash balance.

In  a trading update, Glotel said full-year profit would be in line with current market expectations. Brokers are forecasting pre-tax profit of £3.82m.
During the year, the company sold off two payroll-based accounts, one in Australia and one in the US, describing them as “low-margin”. This will hurt full-year revenue, but it said net fee income had improved.

With the “sustained improvement” in trading, Glotel said it would pay a dividend of 1p for the year. It has not paid a dividend since 2001.
Mike Allen, analyst at Numis, said: “We take this as a sign of confidence in its future trading prospects.” He said Glotel was one of the “key picks” in the sector.