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02 March 2010
InterQuest Group Plc (ITQ:LSE), the information technology staffing firm, today announces audited preliminary results for the year ended 31 December 2009.
Revenues were down by -8.8% from 105.5 million Pounds in 2008 to 97.4 million Pounds in 2009. Gross profit was down by -19% from 15.3 million Pounds in 2008 to 12.4 million Pounds in 2009.
Profit before tax was down by -51% from 3.7 million Pounds in 2008 to 1.8 million Pounds in 2009.
Gary Ashworth, Executive Chairman, commented "as is usual for the recruitment sector during times of economic downturn, 2009 saw a significant reduction of revenues and profits throughout our Group. However, we have utilised this time to invest for future growth and have entered the new year with a broader based Group, which is profitable and cash generative."
"The final quarter of 2009 was significantly stronger than the preceding one in our core businesses and with signs of strengthened trading continuing into 2010 we view the future with confidence."
InterQuest says further "the Group enjoyed strengthened trading in the final quarter of the year compared to earlier quarters, led by permanent recruitment which increased by 40% compared to the average in the first three quarters of 2009."
"During the last four months of 2009 we saw increased demand for staff across financial markets through Genesis and SBS our City focused divisions. In addition, PeopleCo, our SAP specialist has also noted growth during this period."
"In 2010, we have seen renewed contract recruitment activity in January and February with contractor numbers working on assignment 6% higher now than at mid December. We have emerged from 2009 with an enlarged, profitable business and the Board continues to look to the future with confidence."
As of last trade, Interquest Group traded at 49.50 Pence, 11.61% below its 52-week high of 56.00 Pence, set on 12 November 2009.