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Highams Systems Services Group
- BY: Andrew Hore |
- POSTED: 12/11/2009 |
Highams Systems Services returned to profit in the six months to September 2009.
The IT recruitment consultancy swung from a loss of £261,000 to a profit of £40,000 even though revenues fell from £5.66m to £3.77m. The improvement came from a sharp reduction in costs.
This shows the success of the strategy announced when Highams raised £650,000 at 1.75p a share just over one year ago.
The business is cash generative and net debt has fallen to £132,000.
Highams joined Aim on 16 December 1996 so it is just about to celebrate its thirteenth anniversary on the market.
The shares rose 0.375p to 2.375p each, which values the company at £1.64m. That is still well below the original placing price of 72p a share but at least its higher than last year’s placing price.
The overall business has stabilised and there are signs of recovery in some parts of the business.
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