FINANCIALS: Acquisition puts Prime People in Command

The October 2017 acquisition of Hong Kong-based recruiter Command Recruitment has helped global specialist recruiter Prime People deliver an 11.5% increase in revenue year-on-year.

Results for the six months to September 2018, released yesterday, reveals group revenue rose to £12.57m up from £11.27m in the same period last year.

Meanwhile, the group posted net fee income (NFI) of £7.99m – up from £6.15m in the corresponding period last year, with Command Recruitment contributing £1.68m in NFI towards a total £4.13m in NFI for the group’s Asia business, up from £2.31m in the same period of 2017. NFI for the group’s UK business remained stable at £3.86m.

The group added it is now reporting revenue based on invoices delivered as opposed to the value of contracts agreed, as it had previously done. 

Executive chairman Robert Macdonald said: “Given the uncertainties of UK markets through to March 2019 and potentially beyond, we do not expect the second half trading to exceed the first half. We expect underlying trading from our Asia offices to be comparable to the first half of this financial year.

“The present focus for the group is managing the business costs in relation to revenue, improving productivity and increasing profitability. Notwithstanding the mixed economic picture in today’s markets, we continue to seek opportunities to create shareholder value.”

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