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InterQuest Group plc

('InterQuest' or the 'Company')

AGM Trading statement

At the Annual General Meeting held at 9am this morning, the Chairman, Gary Ashworth made the following comments:

'In our preliminary results announced on 5 March 2009 we reported record sales, gross profit, EBITA and profit before tax for the year ended 31 December 2008. We were particularly pleased to have reduced our debt during 2008 from £9.3m at the start of the year to £5.5m at the end of the year and are equally pleased to report today that this figure has further been reduced to £3.1m at the end of April 2009.

Net fee income from contract recruitment is 2% lower in the first quarter of this year than in quarter 1 of 2008; and represented 81% of our total net fee income in the quarter. Nonetheless, the global economic downturn continues to affect net fee income from permanent recruitment which is 55% lower than the same quarter last year.

EBITA for quarter 1 of 2009 is £0.94m (2008:£1.49m). 

Trading conditions remain difficult and we continue to be cautious about the outlook for the remainder of 2009.

Our strategy remains focused upon protecting our core businesses during these challenging times and positioning the Group to be ready for growth when the economic environment improves. We announced our first IQequity joint venture on 27 April 2009 and hope to do further similar deals during the remainder of this year. We have sufficient debt facilities in place to acquire other niche focused IT recruitment businesses should they become available and represent a suitable addition to the Group.  

We remain confident in our specialist, cash generative business model and strong balance sheet and above all in the skill and commitment of our staff. Consequently, we are confident of building long term value for our shareholders.'

For further information please contact:

Gary Ashworth, Michael Joyce

InterQuest Group plc

020 7025 0100