News blog
InterQuest Group
- BY: Andrew Hore |
- POSTED: 22/11/2012 |
Recruitment firm InterQuest has warned that trading is disappointing and house broker finnCap has cut its 2012 profit forecast from £2.2m to £1.6m.
InterQuest made a profit of £3.5m in 2011.
InterQuest says that a number of markets are weak and the worst performer is the financial sector. Permanent recruitment was weaker than normal in the fourth quarter.
This bad news follows a more positive announcement about the warranty claim relating to CCL. This will lead to a £1m credit not included in the forecast.
InterQuest is expected to have net debt of £5.5m at the end of 2012. InterQuest is still expected to pay an unchanged total dividend of 2.5p a share, which will be more than covered by earnings.
At 49p a share, down 3p, InterQuest is valued at £16.3m.
The 2013 profit forecast has been slashed from £4m to £2.7m. The dividend could rise to 3p a share and still be nearly twice covered by earnings.
InterQuest is trading on just over eight times 2013 forecast earnings.
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