Human capital management company Penna Consulting reports pre-tax profits of £500,000 for first half of the year

Human capital management firm Penna Consulting dragged itself out of the red, reporting pre-tax profits of £500,000 for the six months to 30 September, against a £1m loss during the same period last year.

Revenue rose 13.2% to £22.4m and the group forecast continued growth for 2008-09.

Penna’s largest and recently restructured division, career transition, saw an increase from £7.2m to £7.5m, along with revenue growth in leadership services, up 51% to £1.4m, and interim management, up 33% to £1.4m.

Recruitment revenue, however, declined from £1.2m to £846,000, while its human resources consulting division also slipped from £2m to £1.4m.

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Stephen Rowlinson, chairman at Penna, said the second half was usually stronger than the first half, with the results representing ‘significant progress’.

“Demand for our services is on an upward trend and we are looking forward to completing a very satisfactory year and to continued profitable growth in 2008-09,” he said.