Revenues have fallen at international human resources consulting group Penna Consulting, according to its preliminary unaudited results for the year ended 31 March 2011.

The group’s results reveal:

• Revenue: £80.2m (2010: £108.5m)
• Net revenues: £40.4m (2010: £50.9m)
• Pre-tax profits before non-recurring exceptional items: £0.3m (2010: £7.3m)
• Pre-tax loss post non-recurring exceptional items: £4.2m (2010: profit £3.6m)

Chairman Stephen Rowlinson says: “Following the important changes in our organisation and cost structure we are confident that the company will remain profitable even if the current low level of demand continues in 2011/12.

“We are not expecting significant growth for our recruitment services during the coming year but the prospects for HR consulting and, in particular, our outplacement services, are more encouraging.

“We are seeing a steadily rising trend in demand from the public sector for outplacement and we are clearly well positioned as the market leader in the UK for these services.

“We have won a majority of the contracts tendered by central and local government bodies to handle their downsizing programmes but it has proved difficult to forecast the rate at which these projects will be implemented and we are therefore planning with caution.”