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Specialist IT staffing firm Interquest Group (ITQ: AIM) reported revenue of £114.9 million for the year ending 31 December 2013, an increase of +2% compared with £112.7 million in 2012. The company achieved a gross profit of £17.4 million, a year-on-year increase of +6.1% from £16.4 million a year ago.
Interquest achieved a net income of £1 million in 2013, a substantial improvement compared with a net loss of £123,000 the previous year.
Mark Braund, Chief Executive Officer for Interquest, commented: “I am delighted with the progress we have made during 2013; we delivered a solid financial performance in the year with robust growth in net fee income, gross profit margins, and EBITA. Our strategy of focusing on specialist disciplines in key niche markets has underpinned this success and we anticipate this will deliver further growth in 2014.”
Gary Ashworth, Interquest’s Executive Chairman, added, “The transformation of our business that we undertook in 2012 has delivered improved financial and operational results in 2013, which we look forward to building up significantly in the coming year. In addition, the acquisition of ECOM, has accelerated the group’s capability in the digital sector to a market leading level. Trading in January and February has been encouraging, especially in respect of recurring contract revenue, and we look forward to the year unfolding with confidence.”
The operational mix of Interquest’s business between contract and permanent recruitment activities remained constant at one third permanent recruitment and two-thirds contract recruitment.
In addition to the acquisition of ECOM Recruitment Ltd in November 2013, Interquest disposed of its non-core PayQuest business in May 2013, a payroll service provider, for the sum of £314,000.
In trading today, the company’s share price rose by +4.6% to £1.04, an increase of +100.9% compared with a year ago. Based on its current share price, the company has a market value of £35.2 million.