Interim Figures 2011

InterQuest Group plc (AIM: ITQ), the specialist IT Recruitment Group and parent company of Sand Resources, is pleased to announce its unaudited interim results for the six months ended 30 June 2011.

Financial highlights

 Revenue up 10% to £61,057,000 (2010: £55,332,000)
 Net Fee Income (“NFI”) up 11% to £7,812,000 (2010: £7,035,000)
 Adjusted EBITA up 2% to £1,761,000 (2010: £1,730,000)
 Loss before taxation of £1,669,000 (2010: profit of £1,060,000) after £2,892,000 of exceptional costs (2010: £nil)
 Diluted adjusted earnings per share 3.8 pence (2010: 3.8 pence)
 Basic loss per share (5.6) pence (2010: 2.7 pence)
 Net cash generated from operating activities £2.5m (2010: £1.4m)
 Net debt £5.4m (2010: £2.7m)
 Interim dividend of 0.5 pence to be paid on 28 October 2011

Operational highlights

 Robust growth across the majority of divisions, reflecting continued resilience of our niche IT recruitment model
 Strong growth in net fee income from private sector markets, particularly banking and finance and retail has more than offset the anticipated decrease in public sector activity
 IQ Equity start up division delivered first half year of profitability
 Group fee earner headcount increased by 24% to 170 at 30 June 2011 (30 June 2010: 137)
 Continued resilience of our niche IT recruitment model
 Appointment of Mark Braund as the Group’s new Chief Executive Officer on 25 April 2011
 Acquisition of Contract Connection Limited (“CCL”) on 21 June 2011
 Singapore Managing Director appointed on 1 September and office expected to open in Q4

Gary Ashworth, Chairman of InterQuest, commented, “The general economic outlook appears to have improved slightly during 2011 however future trends are difficult to predict. Our focus is therefore on the strong operational management of the Group and we were delighted to report growth in many areas of the business and in particular the profitability of our IQ Equity division. We continue to closely monitor costs but are investing carefully for the future by hiring and training new fee earners via our own iQaD programme and progressing with select international expansion plans. The second half of the year has begun strongly and we expect full year trading to be in line with expectations.”

For further information please contact:

InterQuest Group plc   020 7025 0100, Gary Ashworth, Chief Executive, Michael Joyce, Finance Director

Threadneedle Communications   020 7653 9850, Caroline Evans-Jones, Fiona Conroy
 

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