PNA.L Regulatory News (PNA)

23 July 2014

PENNA CONSULTING PLC

("Penna" or "the Company")

Trading update

Penna's Q1 PBT more than doubled to £1.23 million

Our Preliminary Results published on 10th June 2014 noted that we had seen encouraging trends in the early weeks of the current year. I am pleased to say that those trends continued and strengthened and that Penna's results for the first Quarter of the financial year (April to June) show substantial growth in both revenue and profits before tax and materially exceed management's expectations.

Unaudited management accounts for the quarter show revenue 24% higher than the same period of last year and profits before tax more than doubled to £1.23 million.

The major advance was in our Recruitment Solutions division which achieved a 34% growth in revenue to £4.45 million (2013/14: £3.32 million) and a 17.5% operating margin (2013/14: 3.3%) to produce 610% growth in profit before tax to £0.78 million (2013/14: £0.11 million) for the quarter.

Our market leading Career Services division grew revenue by an impressive 24% to £4.87 million (2013/14: £3.94 million) and profit by 13% to £0.97 million (2013/14: £0.86 million). Operating margin was 19.9% (2013/14: 21.8%). This performance demonstrates clearly that while Career Services has counter-cyclical merits it can also grow powerfully in an economic upswing.

Our smaller divisions, Talent Management and Penna España, are in turn-around mode and together produced a loss of £0.28 million (2013/14: £0.118 million). Central Plc costs in the quarter were £0.24 million. (2013/14: £0.22 million).

Overall, revenue in the quarter was 24% higher at £10.4m (2013/4: £8.4m) and profit before tax was 116% higher at £1.23m (2013/14: £0.57m).

The Penna team are to be congratulated on delivering these excellent results.

Stephen Rowlinson

Chairman

Penna Consulting Plc.

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