Imprint Search & Selection

Imprint, the profitable search and selection business steered by chief executive Brian Hamill, impressed with emphatic interims to June. Profits rocketed 221% higher to £545,000, on turnover up from £2.1m to £3.6m, as Imprint benefited from market share gains in the UK and Asia - analysts also liked the 175% jump in the group's operating cashflow. During the half, the number of fee earners was increased dramatically, from 37 to 60, and Imprint plans to have 80 earners on board by the end of the year. The UK business in particular enjoyed strong growth in revenue per 'mature' fee earner, whilst new recruitment consultants, including those without recruitment experience, did better than expected. This helped UK turnover rise to £3.3m (£2.1m), and profits lift to £418,000 (£271,000). In Asia, the restructuring of the Hong Kong business helped it clinch new clients and stay consistently profitable during the half. Imprint also had a nice spread of revenues, with 70% coming from 30 recurring blue chips, with no single client accounting for more than 7.5%. Imprint's balance sheet continues to strengthen - half-time net assets weighed in at £3.5m, of which £1.8m was cash - and talks are afoot on the acquisition front. Chief executive Hamill says 'we came to the market with a buy and build strategy, and I think the next nine months will be the time to buy. We're looking at larger private businesses that are VC owned.'

Sector: General Industrials

Companies: Imprint

Market cap: £25m

PE Forecast: n/a

Share price: 146.5p

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