IT and telecoms recruiter Networkers International has seen profits fall but is seeing improvements across its main revenue streams including permanent recruitment, according to its final results for the year ended 31 December 2009.

The results reveal:  

• Pre-tax profits for the year of £4.37m (2008: £5.57m)
• Net fee income (gross profit) of £21.16m (2008: £26.1m)
• H2  International business rose to 57% from 46% in the same period in 2008, while overseas earnings are expected to increase by 60% in the current year
• New offices in India, Russia and Canada and a second office in China brought the total number of offices to 14 in 11 countries

Spencer Manuel, chief executive, says: “Last year was clearly a difficult year for the staffing sector in general, particularly in the UK.  However, the steps we have taken over the last few years in diversifying our sales mix, together with our international expansion, has meant that the group has performed strongly and profitably despite the economic downturn. 

“Moving into 2010, there has been some upturn in demand from our clients. While it is too early to determine whether this pace of recovery will be sustainable, it is encouraging that the improvement has occurred across all our main revenue streams, including permanent recruitment.”