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Prime People

  • BY: Andrew Hore |
  • POSTED: 22/06/2017 |

Construction, energy and analytics recruiter Prime People reported a dip in 2016-17 profit even though net fee income was higher. 

In the year to March 2017, net fee income rose from £12.3m to £13.1m, while pre-tax profit fell from £2.15m to £1.9m. The dividend was increased from 4.84p a share (excluding special dividend of 4p a share) to 5p a share.

The decline in profit was in the UK and Dubai with Asia more than doubling its operating profit from £460,000 to £1.04m on the back of net fee income growth from £3.63m to £5.08m. Hong Kong and Singapore were the two best performing locations. Asia is the focus of expansion.

In the UK, net fee income for contract business rose but there was a fall in net fee income from permanent recruitment. There was a weak performance in the property sector in the first two quarters and staff turnover in Manchester hit the performance of that office.

There was £2.41m in the bank at the end of March 2017 with trade receivables falling as clients took less time to pay.

At 105p a share, Prime People is valued at £12.9m. The shares are trading on eight times earnings and the yield is 4.8%. 

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