Daily News
View All NewsUK – Prime People full year revenue and profits up on back of Asia Pacific growth
UK-based recruitment firm Prime People reported revenue for the year ended 31 March 2019 of £24.66 million, an increase of 7.6% compared to £22.92 million last year.
| (£ millions) | FY 2018 | FY 2017 | Change |
| Revenue | 24.66 | 22.92 | 7.6% |
| Net Fee Income | 15.78 | 13.15 | 20.0% |
| Operating Profit | 2.47 | 1.19 | 107.5% |
The company said its UK performance was broadly consistent with the prior year, holding up against the backdrop of political uncertainty and of legislative changes that continued to affect self-employed candidates in the group’s contract division.
Internationally the business performed strongly in Asia Pacific which included a substantial contribution from the company’s majority investment in Command Recruitment Group (H.K.) Limited, and the Rest of The World making a small positive contribution this year.
Revenue by region
| (£ millions) | FY 2019 | FY 2018 | Change |
| UK | 16.47 | 17.52 | -5.9% |
| Asia Pacific | 7.77 | 5.06 | 53.5% |
| Rest of World | 0.42 | 0.34 | 23.5% |
“The UK performed satisfactorily with our built environment teams delivering consistent results while the UK contract division held up well against the backdrop of legislative changes,” Peter Moore, Managing Director of Prime People, said. “Internationally the business has made good progress with a strong performance in Asia Pacific. Asia NFI rose, substantially boosted by the contribution, in our first full year following the acquisition of Command where an extensive line of new business was obtained during the year.”
“The group continues to focus on its core markets to deliver organic revenue growth whilst establishing new markets to drive geographical diversity,” Moore said. “The group is confident about its ability to generate good returns and will continue to invest for the long term.”
“Current trading is consistent with the prior year and we expect the outlook for our sectors and geographies to remain positive in the absence of any negative economic or political events,” the company stated.
Prime People specialises in recruitment for professional and technical staff working in the Real Estate & Built Environment, Energy & Environmental and Insight & Analytics sectors.
As of last trade Prime People traded at £92.00, up 12.88% on the day and 2.22% below its 52-week high of £90.00, set on 15 August 2018. Based on its current share price the company has a market value of £9.86 million.