City of London PR Group has sold its stake in construction professionals recruiter Prime People.
City of London raised £205,000 at 58p a share. This is well below the current market price of 70p a share, which values Prime People at £8.38m.
Prime People increased its net fee income from £3.95m to £4.33m in the six months to September 2011. Pre-tax profit improved from £407,000 to £502,000.
Prime People does not expect any growth in its temporary recruitment business.
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