Finite IT beats downturn with sales boost in second half

Stan Beer
Tuesday, 24 February 2009 09:07

IT Industry - Market

Big three Australian technology recruiter Finite IT managed to overcome a strong contraction in the jobs market in the second half of 2008 with a healthy rise in revenues. Contrary to some earlier predictions from other recruitment watchers, Finite has found the contracting space to be its anchor rather than permanent placements.

Finite sales revenues continued to rise by 9% during the 6 months to 31st December 08, up from $109 million to $119 million in an increasingly difficult Australian IT market, according to the company.

Commenting on the result, Finite’s MD Tracy Thomson said, "Although the economic downturn is having a dampening effect on most industry sectors, there are still opportunities out there for those prepared to search them out.  Competition amongst recruiters has never been fiercer, margins are under increasing pressure again, however the strength of our ongoing relationship with our many blue chip and government clients is maintaining a steady flow of quality job positions to fill."

Ms Thomson indicated that the tight market for jobs looks like continuing for the first half of 2009.

“Contracting and consultancy revenues (through subsidiary FinXL) were holding up much better than permanent fees which year on year were down considerably, and we do not foresee any let up during the next 3-6 month period.  Finite’s main focus continues to be on the quality of our client service delivery, maintaining our extensive industry networking capability and investment in new innovative, world leading technologies such as the new free candidate iProfile service launched into Australia by Finite earlier this month."

Finite IT will also be opening a new Perth, WA, office shortly as a strong vote of confidence that the WA IT market will pick up again in the not too distant future.