Restructured recruiter BNB announced a return to profit for the half to June, a significant turnaround following seven successive half years of losses, and looks well-placed for profitable growth. 'These are a watershed set of results,' beamed finance director Paul Turner, 'and the next six months to a year are very important for us.' On an 18% rise in turnover to £74.5m, losses of £4.6m were converted into pre-tax profits of £100,000. And both areas of the business - recruitment solutions and recruitment consultancy - delivered revenue growth, profits and margin improvement. Turner expects Apollo, a recent acquisition with operations in Sweden, Spain, Italy and the UK - and July addition TCS, a UK recruitment solutions business , to deliver their real financial benefits during 2005. On the macro front, City analysts feel the economic cycle is at last benefiting recruiters and Turner believes prospects are brighter in the UK and on the continent, where the first signs of improvement are evident. Last year BNB lost close to £2m from £124m sales. This year Shore Capital's Robin Speakman predicts adjusted pre-tax profits of £50,000 on £164m turnover, before a jump to £1.4m on £188.5m for December 2005. On those estimates, the shares trade off a demanding forward multiple of 23.8 times for 2005. But with the recruitment sector recovering, the business highly operationally geared and recent acquisitions set to aid results, BNB could reward long-term. We are speculative buyers.