Networkers International has announced after tax profits of £1.44m for the six months ended 30 June. This compares with a profit of £1.96m in the first six months of 2008.

Revenue fell to £69.2m from £83.1m for the same period in 2008 and group debt has been reduced to £2.9m (June 2008: £17m).

Operating cash flows before financing improved to £8.55m (2008: £1.95m) and margins rose from 15.3% to 16.6% as the company focused on higher margin business. More than half (55%) of the company’s net fee income came from outside the UK.

Spencer Manuel, chief executive, told Recruiter:  “These are a good set of results compared to our peers. We are profitable, generating cash and paying down debt. I don’t think there’s much more you can ask for a shareholder.”

Following the opening of an office in China, Manuel says the company intends to open more offices abroad within the next six months.