Penna Consulting lifts full year expectations

Penna Consulting expects results for the full year to be significantly ahead of its previous expectations thanks to solid trading in the third quarter.

The recruitment consultancy said the momentum established during the first half has continued and strengthened and in the third quarter, the group experienced a further substantial increase in the level of trading.

Pre-tax profit for the nine-month period ended 31st December was 51% higher than in the same period the previous year at £4.92m, as the company benefitted from increased expenditure per client, improved margins and a series of important new client wins.

“Accordingly management's expectations of profits for the year to 31st March 2016 have been materially increased,” it said.

At 0930 GMT, shares were up 11% to 313.50p.