News

Penna profits quadruple, returns interim divi

11 November 2008 09:24:00

Outplacement specialist Penna saw half-year profits quadruple, prompting the firm to pay interim dividends higher than expected.

The group returned paying interim dividends thanks to its above expectation performance. It paid 2p per share, versus nil last year, which was more than the 1p per share it had earmarked for the period.

Dividends were increased after the group saw half-year profits jump to £2.1m from £0.5m last year as margins improved substantially. A rise of 29% in turnover to £28.9m also helped.

Penna said previous periods of dislocation and recession has led to some sectors experiencing declines and others growing and expects this current period to last for three to four years or possibly longer.

"All indications are that our Career Transition division, which accounts for 59% of the group's net revenues, will experience further major expansion in the demand for its services in the coming months and years and we expect this to drive continuing growth of Penna's scale and profitability," it added.

The group said in parallel with the strong performance of Career Transition, its other divisions have performed well and together their net revenues are 20% ahead of last year in the UK and 13% ahead overall.

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