World Careers Network reports big revenue rise

Recruitment software provider World Careers Networks (WCN) says a rise in licence fee and 'implementation' income boosted revenues and profits in the six months to the end of January.

Turnover increased by 30% to £3.51m compared to £2.69m in the first half of 2011. At the same time overheads rose by £440,000 resulting in profits before tax of just under £1.1m, an increase of 53% on the £0.71m reported for the first half of last year.

The firm says it expects full year revenues to exceed the prior year, although the growing headcount and investment, particularly in security, will see costs rise.

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WCN also says that the size of the projects it is now dealing with will make profits more "erratic".

Those caveats have not stopped the stock rising 9.4% in morning trading. WCN has doubled in value over the last 12 months.

BS