| Peoplebank delivers record profit |
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| Monday, 25 August 2008 | |
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Peoplebank is Australia’s Number One IT&T Recruitment Company 3rd Record Year of profit growth since listing Ambit acquisition drives revenue up 109% and EBITDA up 51% Peoplebank Australia Ltd (ASX:PBA) today announced another set of record results for FY 2008. This is the third annual record profit since listing in June 2005.Peoplebank’s audited financial results for the year ended 30 June 2008, showed revenue increased 109% to $290.3M and EBITDA increased 51% to $10.5M. Net profit after tax (NPAT) was $5.3M up 22% on the previous year. Cash at hand on 30 June 2008 was $12.3M and the net debt position was $37.1M. Through strong improvements in the working capital position, Peoplebank was able to make a voluntary repayment of $10M on the 5 August 2008 against its current loan facility.The major driver of growth was the acquisition of Ambit on February 12 2008 and the results include 20 weeks of Ambit trading. On an annualised “pro-forma” basis, the combined Peoplebank and Ambit companies delivered revenue of $488M and EBITDA of $20.8M.The integration of Ambit into Peoplebank has gone exceedingly well with no loss of clients or market share. Co-location of all offices has now been completed.Earnings per share have decreased 19% to 8.5c for the full year. “One off” integration costs of $2.6M impacted the earnings which otherwise would have resulted in an eps accretion of 8%.The Directors have declared a final dividend of 2.5c per share fully franked with a record date of 17 September 2008 and expected payment date of 1 October 2008.For further information, please contact Leon Lau, Managing Director, Peoplebank 02 9220 8000.
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