Network Group Holdings, which launched on the Alternative Investment Market on 17 September, is looking to defy the uncertainty in the financial markets and acquire a recruiter in the sector.

Chief executive Jon Smith told Recruiter: "Uncertainty brings opportunity. We are looking for acquisition in specialist markets, not high street.

"We're strong in the Midlands and the North, so would be looking at the South-East in the City, banking or financial sector," he said.

The company, which used to be a part of Pertemps Group, has been working on entering the AIM for the past two years.

"The launch has been successful. The share price has risen from 26p to 40p and we're pleased with how it has gone," said Smith.

• Network Group Holdings has reported its pre-tax profit increased to £1.2m in the six months ended 30 June 2007, compared to a loss of £0.7m in 2006, in accounts which have been adapted to reflect the structure and business following its admission to the AIM market.
  
  The Group's pro forma revenue increased 5% to £26.6m in the period, compared to £25.4m in 2006. Its turnover was £26.6m in the first six months, compared to £20.1m in 2006.