Consultant sees credit crunch as chance for more acquisitions
Consultant Baqus has said its performance is in line with expectations in its first full-year results since floating on the stock exchange and it has pledged to make further acquisitions.
The firm posted profit before tax and exceptionals of £1,062,000 for the 12 months to 30 June, up 68% from £632,000 last year. Revenue was £7,702,000, up 10.6% from £6,965,000 in 2007.
The firm said it was “cautious” about the coming year but believed the financial turmoil represented an opportunity for further growth.
Chairman Roger Knowles said: “[The credit squeeze] should provide us with opportunities for acquiring companies at attractive prices and we plan to increase our acquisition search activities over the coming months.”
The firm added that integration of this year’s acquisitions - Oxfordshire-based Sworn King and Liverpool-based Brian Hannaby Partnership - was "progressing well".
The firm, which listed on the Alternative Investment Market (AIM) in December, said hotels, education and health remained strong for the group. But it said its order book was down by around 5% to £9.6m and some fees showed a “reduced margin”.