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  1. Technology
February 28, 1994

RECOVERY IN THE UK MARKET PUTS COMPUTER PEOPLE BACK INTO PROFIT

By CBR Staff Writer

Computer People Group Plc, the London-based company in the computer personnel sector, has reported a turnaround in fortunes with a profit of UKP606,000 for the year to December 31 against a loss of UKP135,000 last time, with pre-tax profits up 660% to UKP1.1m. Revenue for the year also grew, up 10% to UKP68.7m. The UK arm grew its revenues by 13% to UKP44.4m and contributed 65% of the group total, compared with 63% in 1992. In the UK in the coming year the company plans to formalise the special services offered to clients into a full range of complementary services, for example, staff consultancy, outplacement and training. The UK Recruitment sector experienced improved advertising sales and an increase in placement revenues of 17% to UKP1.8m. Business in the US contributed 35% of the group’s revenue in 1993 compared with 37% the year before. Revenues fell 12% to $36.3m for the whole year, but during the second half were up by 5% to $18.6m compared with the first half. In the coming year it will look to offer Project Management methodology and Legacy Systems Support in the US. The firm terminated it joint venture in Germany after incurring losses of UKP140,000 and there will be no further costs from this to the group in 1994. Net borrowings for the year were reduced to UKP4.1m from UKP4.8m last time and the gearing ratio fell from 92% to 75%, with an anticipated cash-neutral situation by 1994 or 1995. Earnings per share were 4.37p and the board is recommending a final dividend of 1.5p.

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