Penna profits boosted by turmoil in the job market
HUMAN resources consultancy Penna Consulting yesterday reported a trebling in full year profits as it continues to capitalise on increased demand from firms juggling their recruitment strategies in the downturn.
Pre-tax profit soared 176 per cent to £6m for the year to March, while revenue grew 30 per cent to £63.2m. Penna said it saw double-digit growth over all three core divisions: career transition and outplacement services, resourcing and consulting.
Chairman Stephen Rowlinson said the group’s strong performance had continued into the new financial year, with a high level of work in progress.
Penna also strengthened its cash position, with £8.88m in the bank at the end of 2009, three times more than it had at the end of last year.
“Penna has clearly been a beneficiary of the turmoil and ongoing headcount reduction in the financial sector,” Collins Stewart analyst Julian Carter said in a note.