Prime People posts jump in interim profit, appoints new FD

Recruitment company Prime People posted a jump in first-half pre-tax profit as it announced the appointment of a new finance director.

For the six months ended 30 September, the company reported pre-tax profit of £1.06m from £0.64m in the same period last year, on revenue of £10.2m, up 27.5%.

Earnings per share rose to 6.97p from 4.17p and the company declared an interim dividend of 1.75p, unchanged on the year, and a special dividend of 4p, also flat on the year.

Prime People said growth was generated from its permanent business, which represents 92% of net fee income.

Net fee income during the period rose 24% from last year to £6.21m, with a number of strong NFI performances in both the UK, where it rose 22% to £3.9m and Asia, where it was up 36% to £1.9m.

“We have expectations that the UK businesses will perform at least at similar levels to the first half of the year. We are looking for continued improved performance from our businesses in Asia which we believe will provide us with increased opportunities for growth in the mid to long term,” the company said.

In a separate statement, the company said it has appointed Mrs Donka Zaneva-Todorinski as finance director with effect from Tuesday, replacing Christopher Heayberd who has retired from the role.

Zaneva-Todorinski, who is a member of the Association of Chartered Certified Accountant, was promoted from her role as financial controller at Prime People subsidiary Macdonald & Company.

At 1238 GMT, Prime People shares were up 24.4% at 136.80p.

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