IT and telecommunications recruitment firm Greythorn has reported an increase in operating profit in its annual report.

The directors are also buoyant over the potential outlook for the IT, telecommunications and creative media industries.

The company itself is now controlled by Greythorn Group the majority shareholders. They assumed control of the firm in August 2006.

The Group intends to increase its presence as a specialist recruitment business through organic growth and strategic acquisition.

Income through contractor and permanent income rose. Turnover stood at £24.4m with gross profit increasing by 25.2%.

Profit after tax for the past financial year was £498,000. Company’s net assets were £2,691,000 as of 30 June 2007.

The company anticipate that increased competition will impact upon margins and the retention of employees. And yet it plans to break through into markets abroad to offset the risk of competition. The company currently operates in the UK and continental Europe.