The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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A strengthening in its markets, continued progress at its IQ Equity businesses and the potential for additional growth through acquisition have all led InterQuest Group* (ITQ) to view the future with "a great deal of confidence." The IT staffing specialist added that the number of contractors working onsite at clients has increased by 4% since early January and the level of fee income generated from permanent recruitment continues to increase. The shares rose 4.5p to 64p.
Gary Ashworth, Chairman of InterQuest, commented, "The general economic outlook has improved throughout the course 2010 except for the public sector and we have entered 2011 with the majority of metrics pointing towards continued growth. We are seeing increasing activity in contract and permanent recruitment, and have increased our sales staff to capitalise on this increased activity. We believe these factors, combined with the potential for accelerated growth through acquisitions, position us well for the year ahead."
Outlook § Most markets have returned to growth § New Canary Wharf office planned for investment banking division § Commitment to hire a new Chief Executive and split the roles of Chairman and Chief Executive
Operational Highlights A return to growth in the majority of markets § Fee earning headcount increased by 21% to 144 at 31 December 2010 (2009: 119) § Growth in private sector markets, particularly banking and finance, has more than offset decrease in public sector activity § Resilience of niche IT recruitment model demonstrated by solid profitability throughout the recent downturn § First two client wins secured in our Recruitment Process Outsourcing ("RPO") division, InterQuest Solutions, providing additional £5m in revenue § Successful launch of new in-house training programme, iQad § Reduced losses in IQ Equity start up division as it moves towards break even
Financial Highlights § Revenue £112.2m (2009: £97.4m) up 15% § Gross profit £14.7m (2009: £12.4m) up 18% § EBITA (before IFRS 2 and amortisation charges) £3.6m (2009: £3.0m) up 19% § Profit before taxation £2.2m (2009: £1.8m) up 24% § Basic adjusted earnings per share 8.6 pence (2009: 7.1 pence) up 21% § Basic earnings per share 6.1 pence (2009: 4.4 pence) up 39% § Net cash from operating activities £1.8m (2009: £3.3m) § Net debt reduced from £3.0m at start of 2010 to £2.7m at 31 December 2010 § Final dividend of 2 pence per share due to be paid on 6 April 2011 (2009: 2 pence per share) bringing the total dividend for the year to 2.5 pence per share (2009: 2 pence per share)
http://www.investegate.co.uk/Article.aspx?id=201103080700104946C
InterQuest* (ITQ) traded in line with market expectations for the year ended 31st December 2010, the IT staffing group announced in a trading update, with strong growth in financial services offsetting the anticipated decrease in public sector business. "Our strategy of maintaining individually branded divisions focused on specific niches within the IT sector has given us an encouraging level of resilience", commented executive chairman Gary Ashworth. "InterQuest has remained profitable through the down-turn and we have entered 2011 with an expanded business." The shares gained 1p to 62.5p.
Anyone got a reason why they're dropping?