HiTech shares climb on news of profit boom

ICT recruitment agency HiTech Personnel (ASX:HIT) reported an 819 per cent increase in 1H profit to $379k, sending its share price climbing 30 per cent

Shares in ICT recruitment agency HiTech Personnel (ASX:HIT) soared 30 per cent on Wednesday after the company revealed it had grown its profit 819 per cent in the first half.

The company reported a profit of $379,000, on 49 per cent higher revenue of $3.8 million, attributing the result to new business activities and the containment of operating costs.

Contracting income grew 49 per cent while permanent placement income increased by 57 per cent.

The results were also buoyed by the recent stock market surge, which has increased the value of HiTech's investment portfolio, the company said.

Based on its showing to date, the company is predicting an FY11 after-tax profit of between $700,000 and $1 million, but said its actual performance depends on economic conditions for the rest of the period.

“We are pleased with the strong result so far and expect a great year ahead in terms of productivity and profitability,” HiTech chairman, Ray Hazouri, said.

HIT shares swelled to $0.065 on Wednesday.

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