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Highams Systems Services Group
- BY: Andrew Hore |
- POSTED: 05/07/2011 |
Higher revenues and margins helped Highams Systems Services Group to more than double its profit in the year to March 2011.
The IT and actuarial recruitment consultancy increased its revenues from £7.55m to £9.02m, while pre-tax profit jumped from £131,000 to £303,000. Borrowings have been paid off and there is £176,000 in the bank. There was no resumption of dividends.
Highams wants to use its strengthened balance sheet to help to move into new areas of the financial services sector. Surrey-based Highams is opening a London office and it is also looking for acquisitions.
Highams is expected to make a profit of £400,000 in the year to March 2012.
At 3p a share, up 0.25p, Highams is valued at £2.07m. The shares are trading on six times prospective 2011-12 earnings.
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