Prime People PLC
10 October 2007
10 October 2007
Prime People Plc
('Prime People' or the 'Company')
Close Period Trading Update
Prime People plc (AIM: PRP.L), the international real estate management,
infrastructure and property recruitment specialist, provides the following
trading update for the six months ended 30 September 2007. The Group plans to
release its interim results on 23 November 2007.
Overall, net fee income ('NFI') in the first half to 30th September 2007 is 45%
ahead of the same period last year at £7.1m and first half profits are
anticipated to be well ahead of last year despite ongoing investment in the
Group's overseas activities.
This strong first half performance reflected good market conditions in the UK
and internationally and the thirty percent increase in consultant numbers
achieved last year and further hirings this year. Our international operations
are continuing to make further good progress with considerable investment of
resource showing signs of return. This is particularly notable in Dubai and Hong
Kong, where the demand for our candidates continues to be very strong. Our
international operations provide a clear differentiator for the Group. In
addition to targeting high growth markets they have enabled us to strengthen our
relationships with international clients and provided additional sources of
candidates for the Group's database.
We continue to see strong demand both in the UK and internationally for
qualified professionals across the sectors that we serve, with no indication
from clients that their recruitment plans are being impacted by current
conditions in the financial markets or the UK property cycle. In particular, the
long term nature of major infrastructure projects and current investment and
development plans worldwide continue to provide us with a range of different
opportunities for the medium term growth of our business.
We continue to explore opportunities to expand and strengthen our business
globally through attracting individuals and teams that operate in our existing
or related areas, in particular within our new revenue areas of architecture and
housing.
Our full year expectations require firm growth in NFI but at a lower level than
associated with the exceptionally strong first half conditions. The varied
nature of our markets in the UK, together with our growing international
presence therefore gives the Board confidence that the Company will continue to
make good progress in line with our full year expectations.
-Ends-
For further information please contact:
Prime People plc 020 74935689
Robert Macdonald, Executive Chairman
Peter Moore, Managing Director
Hogarth Partnership 020 7357 9477
James Longfield
Arbuthnot Securities 020 7012 2000
Andrew Fullerton/Ian Williams
This information is provided by RNS
The company news service from the London Stock Exchange
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