LONDON (Alliance News) - Shares in IT recruitment company Triad Group PLC jumped Monday after it reported a more than doubling of pretax profit in its recently ended financial year, and said its new year has begun with a strong order book.
Shares in Triad were up 26% at 31.78 pence Monday morning.
For the year to end-March, the company reported a pretax profit of GBP863,000, more than doubled from GBP352,000 the year before, as revenue rose to GBP28.3 million from GBP23.5 million.
Triad attributed the rise in revenue to growth in key accounts, and an increase in the length of its client engagements.
The company said its improved business model has resulted in a significant increase in its teams of permanently employed consultants, associates and contractors, which has generated a stronger and more-balanced client portfolio and sales pipeline.
It now believes it is in a position to undertake a "significant strengthening" of its base of permanent employed consultants, and will therefore did so. Triad also plans to strengthen its top management in permanent consultant operations, and to enhance the public image of its permanent consultant operations by focusing on its marketing activities.
Triad said that, further to the progress it achieved during the year, it has started its new year with a strong order book and healthy pipeline of opportunities.
A report published by the Commons Science & Technology Committee at the weekend called for the UK government to urgently address a 'digital skills crisis', for improved education, and for businesses to invest more.
The report suggests that the UK needs to add another 745,000 workers with IT skills by 2017, a market Triad serves.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Triad (TRD)