Boom times in the economy has created an unprecedented requirement for skilled technical and managerial staff, leading to increased demand for the services of professional head-hunters like recruitment group Marlborough International. The group, a relatively recent arrival to stock market, enjoyed spectacular growth in its first year as a public company. Results this week show that pre-tax profits have rocketed by close on 500 per cent to over £3 million. Gross fee income advanced 57 per cent to nearly £17 million, with net fee income was up a whopping 73 per cent to £8 million.
Marlborough's man, David McKenna, the managing director, says that strong growth was achieved across all the group's divisions and benefits should continue to flow from the continued buoyancy of the Irish economy. Apart from growing existing businesses Marlborough has an eye to expansion by further acquisitions, possibly in mainland Europe. McKenna identifies eastern Europe as offering particular growth potential.
Given the strength of current earnings, which has dramatically enhanced earnings per share from 2.10p to 8.77p, the board is oddly parsimonious on dividend policy. No payment has been declared for the period, although policy will be reviewed at the end of the current financial year. Institutional and private investors have driven up the Marlborough share price and, in the process, turned the original owners into millionaires .
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