InterQuest PLC - Notice of AGM 2012

Pubished 8th June 2012


Notice of AGM 2012

Gary Ashworth's Outlook

“The Group commenced its plan for accelerated growth in 2011, with the appointment of Mark Braund as CEO in April 2011. This has led to investment in overseas markets and organic growth in both contract margin and permanent placement levels. Despite the sluggish nature of UK markets in 2011, I am delighted with the progress which has been achieved in the year.

With market conditions and margins in the UK now improving slightly, plus the operational contribution we expect from the already profitable IQ Equity businesses and our investment in Asia, I am confident that we will see Net Fee Income grow respectably in 2012, enabling increased investment in the business both in the UK and internationally.”

Mark Braund's Highlights

"InterQuest Group plc (AIM: ITQ), the specialist IT recruitment group, is pleased to announce its audited results for the year ended 31 December 2011.InterQuest is a group of specialist recruitment businesses, placing both Contract and Permanent staff into niche disciplines within the information & communications technology sector (ICT).

We operate a balanced portfolio of recruitment businesses with an increasing focus on markets where there is both growth in demand and a shortage of key technology skills. Our interests are aligned to customers where quality is much more valued than quantity and as such, we increasingly target markets where our services derive higher than industry average margins.

The Group delivered a solid performance in 2011 growing net fee income (NFI) by 14% to £16.6m and EBITA before non-recurring items and IFRS 2 charges by 4% to £3.8m, in a lacklustre UK market impacted by slow economic growth and market uncertainty.

Significant, is the 22% growth in NFI earned by our businesses operating in markets outside the Public Sector, which as an industry sector has witnessed a steady decline in demand due to government cutbacks in expenditure. This shift in market focus and performance demonstrates the increasing level of agility at InterQuest to direct our expertise into markets where there is both growth in demand and a shortage of key technology skills.