The group - which includes recruitment consultancies SEC, Computer Personnel, MSI Technology and Brussels-based Adelphi Consulting - recorded a 90 per cent drop in pre-tax profits, from £2.31m in 1999 to £0.22m for the period ended 30 June 2000. However, the company did note an increase in turnover of five per cent, from £17.05m to £17.95m.
London-based Computer Personnel, which focuses on PC, networking and communications skills, achieved an 82 per cent growth in turnover to £5.38m, but recorded a 38 per cent drop in operating profit due to increased staffing levels, claims the report.
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In his accompanying statement, chief executive Nick Reid described the year as the "most difficult in the history of the group", but said the organisation was focused on strengthening its market position through "internal investment". "Profitability in the current year should improve substantially but is not yet expected to return to the record of 1999," explained Reid. "We have to absorb the cost of investing in new systems and staffing as we build towards our goal of becoming a fully integrated IT services group."