Interquest Swings To Profit In 2013 Following 2012 Reorganisation

LONDON (Alliance News) - InterQuest Group PLC Wednesday swung into a pretax profit in 2013, as it revenue rose slightly and it posted fewer exceptional costs following a year of reorganisation in 2012.

The IT recruitment group posted a pretax profit of GBP1.9 million, up from a pretax loss of GBP396,000 in the previous year, as revenue rose to GBP113.3 million, up slightly from GBP112.7 million, and it posted fewer exceptional costs.

In 2012 the company underwent a reorganisation, posting restructuring costs of GBP674,000 and a GBP1.6 million impairment on goodwill, intangibles and other assets.

In 2013 InterQuest posted a charge of GBP396,000 relating to the restructuring and downsizing of operations in Singapore that had failed to meet expectations, although this was partly offset by a profit from the sale of PayQuest in May. This resulted in lower exceptional costs in 2013 than in 2012.

The company said that during 2013 it saw improved results, and it continued to build its business in line with the strategy and reorganisation it implemented in 2012. The company reorganised itself from being a group of affiliated IT recruitment business into one with clearly defined specialist businesses. It reorganised its management team and its Mint branded business, which returned to profitability in 2012.

These changes helped boost results in 2013, InterQuest said.

InterQuest acquired ECOM Recruitment Ltd in November, and it said it had already seen benefits from the acquisition, as it started 2014 with a contract back 20% higher than the previous year.

The company posted a total dividend of 2.5 pence for the year, flat on the previous year.

"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 upon significantly in the coming year," said Executive Chairman Gary Ashworth in a statement.

Shares in Interquest were trading up 3.0% at 102.00 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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