The update, released this morning, reveals revenue for the six months to 31 July 2018 of £527m, up from £422m in H1 2017, and gross profit of £51.7m from £46.5m in the same period last year.

The group attributed the increase in revenue primarily to revenue growth in contract recruitment, managed services and IT outsourcing as a result of both organic growth and acquisitions, while permanent recruitment had been broadly flat. This change in mix was also reflected in a relatively smaller increase in GP over the period, the group added.

The group also posted net borrowings of £21.5m, which the group said reflected the expansion in working capital required to finance its increased contract book and additional headcount recruited in Vietnam to support current demand. The borrowings also included continuing costs of both the transformation programme and the acquisitions made in the second half of the year to 31 January 2018 and first six months of the current year. 

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