| ASX Release | 9 February 2011 |
Talent2 - Results Announcement
| On Track for a Record Year Results for the six months ended 31 December 2010
|
The directors of Talent2 International Limited (ASX: TWO) today reported the Company's results for the six months to 31 December 2010.
The Company reported the following, compared to the previous corresponding period:
| Revenue | A$147.9m, up 36% |
| Gross Profit | A$93.3m, up 30% |
| EBITDA | A$13.0m, up 61% |
| Profit after Tax | A$3.4m, up 85% |
| EPS | 2.43 cents, up 66% |
| Net Debt | A$8.5m |
"We are pleased to report that we are on track for a record year in terms of both revenue and profitability," said John Rawlinson, Talent2's Chief Executive Officer. "Our Managed Services businesses delivered a solid result as growth resumed to levels that were seen prior to the Global Financial Crisis (GFC), and our Recruitment business reported extremely strong growth whilst it continued to invest in additional resources to meet demand."
"As we head into our eighth year of operation, we note that revenues are up from A$16m in 2003 and are now tracking at over A$300m on an annualised basis," noted Rawlinson.
"Our businesses based outside Australia and New Zealand resumed their pre GFC trajectory reporting revenue growth of 85%. Those businesses now comprise 33% of our total revenue," said Andrew Banks, Talent2's Managing Director, "and with our operations outside Australia covering some 20 countries it is reasonable to expect the growth in our offshore revenue and profit to continue as a proportion of the total business."
"The Managed Services businesses reported a 48% growth in Revenue, and 61% growth in EBITDA, and organically grew Revenue 26% and EBITDA 24%," said Rawlinson. "Importantly, we are starting to see both the benefits of our global alliances contributing to this result as well as the benefits arising from the acquisitions we have made over the last year."
Rawlinson added, "The Recruitment business reported Revenue up 20% and EBITDA up 58%. To capitalise on the continued buoyancy in the market for recruitment services, we have increased consultant headcount by 25%."
The cash position remains strong with A$18.1m in the bank at 31 December 2010. Net debt is A$8.5m, compared to A$8.3m at 30 June 2010. The Company repaid foreign debt amounting to A$3.1m in the six months, and distributed A$5.6m by way of a dividend.
Basic earnings per share increased to 2.43c from 1.46c in the corresponding period. Adjusted earnings per share (after allowing for the tax affected amortisation of intangibles arising from business acquisitions) increased by 60% to 4.25c, from 2.65c.
Talent2 continues to be one of the few opportunities for Australian investors to gain exposure to the combined fast growth stories across Asia and various developing countries, as well as Human Resources Business Process Outsourcing (HRBPO), which is rapidly becoming a common choice for organisations in these markets, as well as in more mature economies like Australia, where efficiencies rather than growth are the imperative.
About Talent2
Around the world companies seeking competitive advantage are outsourcing their Human Resources (HR) requirements. To meet the increasing demand, Talent2 has strengthened its position as Asia Pacific's first end-to-end Human Resources Business Process Outsourcing (HRBPO) business.
Talent2 is leading the region in executive recruitment, HRBPO and technology. It is focused on providing integrated HR solutions that are innovative and effective. Talent2 helps its clients to 'Acquire, Manage and Optimise' their talent so that they can focus on growing their businesses.
Talent2 has offices across Australia, Bahrain, China, Hong Kong, Singapore, India, Japan, Malaysia, Taiwan, Thailand, Vietnam, Philippines, New Zealand, Oman, Papua New Guinea, the UAE, and the UK to serve its extensive client base of blue-chip multi-nationals and public sector organisations.
For further information, please contact:
| Andrew Banks, Managing Director, Talent2 Telephone: +61 2 9087 6207 e-mail: andrew.banks@talent2.com |
John Rawlinson, CEO, Talent2 Telephone - +61 3 9918 0918 e-mail: john.rawlinson@talent2.com |
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