International HR consulting group Penna Consulting announced increased revenues in its interim unaudited results for the six months ended 30 September 2009. 

The results revealed that revenues were up 68% to £48.4m (2008: £28.9m) and

pre-tax profits before acquisition costs grew by 56% to £3.5m (2008: £2.3m).

Like-for-like revenues were £32m, also up 11%, along with pre-tax profits £3.4m (2008: £2.3m), up 47% and profit before tax £2.5m (2008:£2.3m).

Stephen Rowlinson, chairman, says: “Once again our long-established businesses produced growth in revenue and a very substantial increase in profit before tax. This was a result of improving margins and close control of operating costs. At the same time as delivering this excellent performance the group completed the important strategic acquisition of Barkers, which doubles the size of Penna and has great potential for the future.

“Because our cyclical recruitment business is three times bigger than our counter cyclical outplacement business we can be confident that Penna will be a major beneficiary of the upturn when it comes.  

“Meanwhile we can expect that our profitability and cash generation will allow us to take advantage of opportunities to make further acquisitions of substantial companies in the human resource sector.  The group has been successfully reorganised to accommodate the acquisition of the Barkers business in the first half of the year and is focused on delivering profitable growth in each of the new service groups.”