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UK — Penna impacted by recruitment freeze in public sector

04 June 2010

Penna Consulting Plc (PNA:LSE), the international human resources consulting group today announces preliminary unaudited results for the year ended 31 March 2010.

Revenues were up by +72% from 63.2 million Pounds in 2009 to 108.5 million Pounds in 2010. Like for like revenues were down from 63.2 million Pounds in 2009 to 62.3 million Pounds in 2010.

Profits before tax before exceptional items were up by +22% from 6 million Pounds in 2009 to 7.3 million Pounds in 2010.

The group says that the integration of Barkers, acquired in June 2009 for 8.6 million Pounds in cash, has gone smoothly and is now complete.

Commenting on the results and outlook, Stephen Rowlinson, Chairman, said "we have completed a very successful year with strong profit growth and we have also taken significant steps towards achieving our strategy to become the leading HR services firm in the UK."

"The current year will be challenging for all UK recruitment businesses and we believe that because Penna has a major Career Transition business we are in a stronger position than many of our competitors in the HR services sector."

In early trading Penna's shares were down by -23.29% to 140 Pence.



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