StockMarketWire.com - Recruitment group Prime People more than doubled its first-half profit, though it said the rise owed to the adoption of new accounting standards.

Pre-tax profit for the six months through September rose to £1.6m, up from £0.6m on-year.

The company was now reporting revenue based on invoices delivered, as opposed to the value of contracts formed.

If prepared under the previous accounting standard, and adjusted for the contribution from recently-acquired business Command Recruitment, profit would have been flat.

Net fee income, which was not affected by new accounting standards, fell by 16% on-year.

The company pinned the fall on a change in public-sector client requirements.

Prime People declared an interim dividend of 1.80p per share, up 2.9% on-year.

'Given the uncertainties of UK markets through to March 2019 and potentially beyond, we do not expect the second half trading to exceed the first half,' the company said.

'We expect underlying trading from our Asia offices to be comparable to the first half of this financial year.'

'The present focus for the group is managing the business costs in relation to revenue, improving productivity and increasing profitability.'

'Notwithstanding the mixed economic picture in today's markets, we continue to seek opportunities to create shareholder value.'


At 1:26pm: [LON:PRP] Prime People PLC share price was -0.5p at 76p



Story provided by StockMarketWire.com