Hill McGlynn has announced an increase in profits for 2008.

After tax profits reached £10.38m in the 12 months ended 31 December 2008, compared with £7.31m in 2007.

Profits were boosted by the sale of Hill McGlynn Australia, which contributed £2.67 million to the bottom line. Without this profits would have been virtually unchanged from 2007 (£7.32m).

Revenue remained static at £135.38m (2007: £135.34m).

In the directors’ report, issued with the results, Hill McGlynn’s managing director, Mark Bull, says: “We continued our strong performance in 2007 into the first half of 2008, although we experienced a rapid slowdown in the second half of the year, particularly in permanent placements.”