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26 January 2010
Servoca Plc (SVCA:LSE), the medical and educational recruitment firm, today announces preliminary results for the year ended 30 September 2009.
Group revenues were up by 37.1% to 57.6 million Pounds from 42 million Pounds in 2008. Gross profit was up by 32.3% to 16.8 million Pounds with margins of 29.2% compared to 12.7 million Pounds with margins of 30.3% in 2008.
Profit before tax of was 2.2 million Pounds before share based payment expense of 0.3 million Pounds compared to a loss before tax of 1.0 million Pounds before exceptional charges of 6.1 million Pounds in 2008.
The group said in a statement: "Servoca holds attractive market positions in resilient sectors and the focus will be on further developing the potential within the Group. Servoca continues to serve many areas of public sector recruitment that suffer from manpower supply shortages. The Group operates a range of services and positions within its markets and we will continue to expand both existing and new service offerings where we believe strong demand exists."
"In the short-term, we are currently experiencing less fluidity in the education recruitment market with fewer teaching professionals moving schools or posts as candidates appear to prioritise job security against the backdrop of the wider economic climate. Whilst this is expected to create a more challenging trading environment as we enter 2010, the sector remains resilient to the economic climate relative to other sectors. Our diversified range of services also means we operate a balanced exposure to a number of markets and for this reason we remain confident of the year ahead."
In early trading Servoca's shares were unchanged at 18.00 Pence.