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HiTech shares climb on news of profit boom

HiTech shares climb on news of profit boom

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

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

Contracting income grew 49% while permanent placement income increased by 57%.

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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Tags ASX:HITICTrecruitmentRay Hazourifinancial resultsHiTech Personnel

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