Peoplebank Australia Ltd (ASX: PBA)Continues Strong Organic Growth

Friday, 29 February 2008 07:45

Peoplebank Australia Ltd (ASX: PBA)  Continues Strong Organic Growth
- Net Profit up 34%
- Revenue up 21% The Board of Peoplebank Australia Ltd is pleased to announce continuing strong growth for the half year to 31st December 2007.

Net Profit after Tax of $2,487,000 was up 34% on the previous corresponding half year to 31st December 2006.

Revenue of $80,479,000 was 21% up on the corresponding period last financial year. Profit growth was driven by increased permanent placement revenue of $2,154.00 which was up 102% on 1HFY07.

Demand for contracting placements remains strong. The increase in permanent placements reflects the initiatives put in place in the first quarter of this financial year to recruit and train “dedicated” recruitment consultants specialising in permanent recruitment. This half year result does not include any contribution from the acquisition of Ambit Group Pty Ltd completed February 12th, 2008. Both Peoplebank and Ambit expect to have stronger second halves of FY08. The combining of these two companies to form Australia’s largest IT&T recruitment company has created a “$500 million powerhouse” that will deliver unparalleled service offerings to both clients and candidates. The Ambit branding will be transitioned across to the Peoplebank name for IT&T services whilst our engineering division will be re-positioned as Ambit Engineering Recruitment. The Directors of Peoplebank see no lessening of demand for IT&T contracting and recruitment services. Our engineering sectors in WA and QLD are particularly strong. For further information, please contact Leon Lau, Managing Director, Peoplebank 02 9220 8000.