Prime People PLC
24 April 2001
Prime People Plc
(Prime People Plc provides a range of support services to a client base
principally focused in the leisure and hospitality sector)
AGM Statement
Speaking at the company's AGM today, Richard Lee, chairman of Prime People
Plc, commented on current trading:
'The first quarter of 2001 has seen strong growth for Prime People's two
principal subsidiaries Portfolio International (recruitment) and Portfolio
Design International (Hotel Interior Design). Revenues in the former are up
29% year on year and we are delighted to announce that the latter has recently
won two prestigious hotel interior design projects at the new Landmark Group's
hotel 'The Kensington' and as of today's date at 'The Cavendish Hotel', now
owned by De Vere Hotels PLC.
'Performance for Harper Craven, a provider of sales, marketing and management
training programmes, is in line with expectations but Cameron Kennedy, a
company which specialises in financial recruitment and in which Prime People
has a 46.5% stake, has under performed against expectations.
'Portfolio International, our core recruitment operation, which operates
solely in the hotel, catering and leisure sector has demonstrated considerable
resilience despite sector turbulence, particularly in provincial areas, due to
the effects of the 'foot and mouth' epidemic. It has enjoyed an uplift of 29%
in the first quarter as a result of enhanced performances in four main areas:
* contract catering - which is traditionally strong in turbulent times
when outsourcing of catering becomes more attractive
* culinary appointments - investment in new restaurants continues apace
and the market recognises that the recruitment of top chefs can deliver an
important competitive edge in times of increasing competition
* general management appointments where we believe we are now established
market leaders
* sales and marketing appointments - which have become increasingly
important as competition for trade has increased
'We are pleased with the progress made by our international business which
grew 60% during the year 2000 and which has seen a 40% increase during the
first quarter of 2001 compared with the same period last year.
'The board is encouraged by the company's performance to date but in the
current economic climate we will continue to operate all our businesses
prudently. '
Press enquiries
David Coubrough, Chief executive, Prime People Plc
0207 520 5000
Zoe Biddick/Shane Dolan, Biddicks
0207 448 1000
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