Source - SMW
Specialist recruitment group InterQuest's revenues fell by 9% to &pound73.8m in the six months to the end of June.

Net fee income  was down 10% to &pound11.0m and adjusted pre-tax profits fell 44% to &pound1.4m (2015: £2.5m).

The group posts a net loss (after goodwill impairment of &pound3.2m) of &pound2.4m (2015: &pound1.6m profit).

An interim dividend of 0.5 pence per share will be paid on 16 November (2015: 1.0 pence).

Chief executive Chris Eldridge said: : "A root and branch reform has been necessary at our ECOM digital recruitment subsidiary which was acquired three years ago, requiring a non-cash impairment charge of &pound3.2m resulting in a total loss of &pound2.4m for the Group although before exceptional items the Group reported Adjusted PBT of &pound1.4m. 

"We have now put the ECOM business on a firmer footing and I am confident it will make a significant contribution to the Group in the future. 

"We are also encouraged by the progress we have made in our Solutions business and can take satisfaction from the fact that our contract recruitment margins and average permanent placement fees have increased which is evidence of the new initiatives we have been putting in place during the period."         

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InterQuest Group (ITQ)

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