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25 Sep 2008 07:00
AGM Statement
Penna Consulting plc holds its AGM today 25th September, 2008.
At the meeting the Chairman, Mr Stephen Rowlinson will make the following statement
"We are about to complete the first half of our Company Year (1st April to 30th September 2008) and I am able to say that Penna's performance has been substantially ahead of internal Company plans and City expectations.
Net Revenue is around 25% ahead of the same period of last year and pre-tax profits earned in the first six months will be higher than those of the full 2007/8 year.
In consequence, The Board believes that current market expectations in relation to the full year ending 31st March, 2009 will be materially exceeded.
Penna is now a well-balanced Company with 55% of net fee income represented by Career Transition and the balance by our other Divisions of Interim Management, Human Resource Consulting, Board and Executive Coaching, Recruitment, Recruitment Communications. The latter five divisions are continuing to develop successfully and will together show growth of around 20% compared to the first half of last year.
Career Transition has achieved an even higher rate of growth as many of our client companies are in the midst of radical reorganisation which has been forced onto them by the international financial crisis. Our Career Transition teams are providing outstanding levels of service and support to our clients' ex-employees as they confront the challenge of unexpected and possibly unwelcome changes of career.
Experience of previous periods of dislocation and recession suggest that the UK economy has now embarked on a three or four year process of restructuring.
Penna's mission will be to minimise the impact of events on individuals, to guide them through the process of identifying and evaluating many life and career alternatives and to assist them in finding new exciting roles capable of meeting all their expectations.
For further information please contact:
Stephen Rowlinson, Chairman 0771 00 23699
Gary Browning, Chief Executive 020 7648 2448
David Firth, Finance Director 020 7648 2423
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