viewPenna Consulting

Penna Consulting lifts revenues, pre-tax profits and dividend

Human resources consulting group, Penna Consulting, firmed 5% today after announcing interim results for the six months to 30 September 2008.

Financial highlights included a 29% surge in revenues to £28.9 million, a four-fold increase in profits before tax to £2.1 million and an equally large increase in earnings per share to 6 pence.  Penna also announced a interim dividend of 2 pence, and also noted that the Company has no debt, net cash of £5 million and net assets of £20.8 million.

We are focused on increasing shareholder value and are optimistic about the future. All indications are that our Career Transition division, which accounts for 59% of the Group's net revenues, will experience further major expansion in the demand for its services in the coming months and years and we expect this to drive continuing growth of Penna's scale and profitability,” commented Stephen Rowlinson, Chairman of the Company.

Penna has benefited from the global downturn, as its largest subsidiary focuses on career transition for ex-employees of the Company’s clients.  The group’s executive recruitment division also put in a strong performance.

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