InterQuest Group PLC (AIM:ITQ) – results as expected and plenty more to go for
The specialist recruitment business issued results in line with the January trading update, so there were few surprises however it’s always nice to see the detailed numbers, especially when they are so encouraging – this one appears to be on a roll!
Revenue was up 31% to £150.7m, net fee income (NFI) was up 33% to £23.2m, adjusted profit before tax up 96% to £4.5m and statutory profit after tax up 130% to £2.3m (2013:£1.0m) with diluted adjusted earnings per share up 84% to 9.0 pence. Excluding the impact of the ECOM acquisition in November 2013, the like-for-like growth was still 45%. Net cash generated from operating activities was £5.4m (2013: £1.3m) pushing down net debt at year end to £8.3m (2013: £9.0m). Management commented how ECOM, the UK’s leading digital technology recruitment company, which they acquired in November 2013, has…