Andrew Banks’s HR outsourcing firm Talent2 boosts profits

Recruiting and HR outsourcing firm Talent2 has defied the economic gloom plaguing much of the world to post strong revenue and profit growth for the 2007-08 financial year.

Recruiting and HR outsourcing firm Talent2 has defied the economic gloom plaguing much of the world to post strong revenue and profit growth for the 2007-08 financial year.

The company, run by Morgan & Banks founder Andrew Banks, announced results including 49% revenue growth to $229 million and 29% EBITDA growth to $20.3 million.

A partially franked dividend of 4.5c per share is expected to be declared payable to shareholders in September, according to the company.

Despite soft economic conditions in much of the world, Talent2 opened recruitment operations in Manchester, Birmingham, Tokyo, Taipei and Beijing last year and increased the share of its earnings coming from outside of Australia and New Zealand from 15% to 23%.

The firm did experience slower performance in the tougher second half of 2007-08, but managing director Banks says he is pleased with the performance given the business conditions.

“These results are particularly satisfying given the state of world financial markets over the past six months, and more specifically the fact that the company carried losses from our investment in organic growth initiatives in the start-up or expansion of new geographies,” Banks says.

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