Penna profits boosted by turmoil in the job market

HUMAN resources consultancy Penna Consulting yesterday reported a trebling in full year profits as it continues to capitalise on increased demand from firms juggling their recruitment strategies in the downturn.<br /><br />Pre-tax profit soared 176 per cent to &pound;6m for the year to March, while revenue grew 30 per cent to &pound;63.2m. Penna said it saw double-digit growth over all three core divisions: career transition and outplacement services, resourcing and consulting.<br /><br />Chairman Stephen Rowlinson said the group&rsquo;s strong performance had continued into the new financial year, with a high level of work in progress.<br /><br />Penna also strengthened its cash position, with &pound;8.88m in the bank at the end of 2009, three times more than it had at the end of last year.<br /><br />&ldquo;Penna has clearly been a beneficiary of the turmoil and ongoing headcount reduction in the financial sector,&rdquo; Collins Stewart analyst Julian Carter said in a note.