The results, released this morning, reveals the global technology recruitment and outsourcing group saw revenue increase from £254.4m to £292.1m, with gross profit also up 8.7% in constant currency – from £48.2m to £51.6m over the period.

The group pointed to a “robust” UK performance in a weaker market where GP increased from £18m to £21.8m over the period, continued growth in Europe where GP increased from £19.2m to £21.4m, as well as strong results for its Vietnam-based IT outsourcing business, while the group’s recent acquisitions have been trading in line with expectations.

However, while in Asia-Pacific GP was up 61% on a constant currency basis to £2.6m from £1.7m in the same period of 2017, the group’s Australia business saw declining revenues.

GP in the group’s US business declined 16.8% in constant currency to £5.9m, with the group’s US IT outsourcing, recruitment solutions, permanent recruitment and executive search all falling during the period.

Elaborating on the group’s performance, CEO Albert Ellis said he was pleased that in a “challenging” market the group’s UK business had increased revenues and delivered a robust financial performance. This was despite declines reported across the recruitment sector in light of uncertainty surrounding negotiations between the European Union and the UK. 

“The group’s businesses in Mainland Europe performed well, while results from the rest of the world were mixed, with a decline in US revenue set against a strong performance from our Vietnam-based IT outsourcing business. Overall, trading remains in line with the board’s expectations for the full year,” he added.

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