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View All NewsUK – Prime People full year revenue up 17%
UK-based recruiter Prime People (PRP: AIM) reported revenue for the year ended 31 March 2017 of £24.21 million, up 16.6% from the previous year. The group also reported net fee income of £13.10 million, an increase of 6.7% compared with the same period last year.
| (£ millions) | FY 2017 | FY 2016 | Change |
| Revenue | 24.21 | 20.67 | 16.6% |
| Net Fee Income | 13.10 | 12.28 | 6.7% |
| Profit After Tax | 1.61 | 1.70 | -5.2% |
Prime People specialises in recruitment for professional and technical staff working in the Real Estate & Built Environment, Energy & Environmental and Insight & Analytics sectors.
"I am pleased to report a good set of results with Gross Fee Income up 16.67% and Net Fee Income up 6.68%,” Peter Moore, Managing Director of Prime People, said. “Operating profit for the year was £1.90 million, slightly down on £2.15 million in 2016, reflecting increases in staff costs associated with conserving talent and investing to nurture future productivity across the group.”
Revenue by region was broken down as follows.
| (£ millions) | FY 2017 | FY 2016 | Change |
| UK | 18.56 | 16.25 | 14.2% |
| Asia | 5.08 | 3.63 | 39.9% |
| Rest of the World | 0.58 | 0.88 | -34.0% |
In the UK, Prime People Net Fee Income saw a decline of 4.3% to £7.44m (2016: £7.77m). Contract represented 17.4% (2016: 14.52%) of total UK Net Fee Income in 2017 while permanent NFI declined by 9.8%.
In the Asia region, Net Fee Income also grew by 39% and the region represents 38.7% of group Net Fee Income, up from 29.5% in 2016.
In the Rest of the World region, which is covered by offices in Dubai and South Africa, Net Fee Income decreased and the company states that the outlook for the regions in the new financial year looks stable and are expected to be profitable
“The Board is conscious of macro-economic uncertainties, such as the effects for us of the negotiations over the UK's departure from EU membership and possible turbulence in our overseas markets that may affect our clients' hiring plans,” Robert Macdonald, Executive Chairman, said. “The group continues to seek opportunities for expansion, reacting swiftly to market conditions as they affect individual revenue lines.”
In trading today, Prime People traded at £107.00, up 1.9% on the day and 2.7% below its 52-week high of £110.00, set on 20 June 2017. Based on its current share price the company has a market value of £12.86 million.