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UK – Prime People revenue grows

29 May 2013

UK-based recruiter Prime People (AIM:PRP) is looking to expand overseas after the firm today posted revenue of £13.0 million for the year ended in March, an increase of +3.1% from the prior year. The firm is also preparing for improved market conditions in the UK.

Prime People provides permanent and temporary recruitment services, mainly to the built environment and real estate sector.

The staffing firm said that net fee income in the year fell -5.4% to £7.6 million. Profit after tax was down to £0.6 million from £0.7 million.

Peter Moore, Managing Director of Prime People, said: “We closed 2013 with profits slightly below last year but have maintained a strong cash position. The results reflect our investment in our new Singapore office and the move of our London operations to new offices … We are cautiously positive about signs of an upturn in business and are well positioned to take advantage of these.”

During the year, the staffing firm opened an office in Singapore to strengthen its presence in Asia. The recruiter reported good progress in the region while the Middle East and Africa businesses show early signs of improved activity.

In the UK, there has been a small reduction in net fee income in 2013. “We are cautiously positive about signs of an upturn in business. We have reorganised a number of our teams in preparation for this upturn which we have started to see through improved performance in our temporary markets which in turn we expect to have a favourable impact on our permanent business in 2014,” Prime People said.

In early trading, the company’s share price jumped by over +5% to 57.99 pence, down -17% from a year ago. Based on this stock price, the firm has a market value of £6.52 million. 

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