IT recruiter InterQuest Group has seen its revenues fall but recorded stronger trading in the final quarter of the year, according to its audited preliminary results for the year ended 31 December 2009.

The results reveal:

·     Revenue £97.4m (2008: £105.5m) a decrease of 8% 

·     Gross profit £12.4m (2008: £15.3m) a fall of 19% 

·     Profit before tax £1.8m (2008: £3.7m) down 51% 

·     Net debt cut from £5.5m at start of 2009 to £3m at 31 December 2009 

The statement adds that the group witnessed stronger trading in the final quarter of the year compared to earlier quarters, led by permanent recruitment which rose 40% compared to the average of the first three quarters of 2009 along  with  renewed contract recruitment activity in January and February 2010 with a 6% increase in the number of contractors working on assignment than at mid December.

Gary Ashworth, executive chairman, says: “As is usual for the recruitment sector during times of economic downturn, 2009 saw a significant reduction of revenues and profits throughout our group. However, we have utilised this time to invest for future growth and have entered the new year with a broader based group, which is profitable and cash generative.

“The final quarter of 2009 was significantly stronger than the preceding one in our core businesses and with signs of strengthened trading continuing into 2010 we view the future with confidence.”