Annual Report and Accounts 2000/2001

IT Human Resources PLC's core business is the provision of Information Technology recruitment services to the UK and European marketplace on both a permanent and contract basis. Our aim is to innovate the professional IT recruitment industry with total professionalism whilst being flexible enough through our independence not only to meet but exceed our Clients' expectations.

It is my pleasure to report on another fantastic year for all at IT Human Resources plc, a year that has seen our turnover increase some 270% and to report a healthy net profit position despite a poor market generally for IT services that has seen many of our major competitors rationalise their operations. This I believe is a testament to the professionalism and quality of the service we provide to our Clients and may explain why many of our Clients use and reuse our services.

At the beginning of the year we set ourselves 3 main objectives to:

  • Double turnover
  • Consolidate our business base
  • Complete the building of our internal systems and infrastructure.

I am delighted to say that we achieved all three objectives.

With regard to our internal systems and infrastructure we are now settled in our newly refurbished HQ overlooking Leicester Square. We also achieved BS EN ISO 9002 accreditation for the delivery of our services to Clients - further supporting our quality ethos.

Our internally developed (and owned) recruitment database is now fully implemented and is, arguably, one of the most advanced systems in use in the UK today. We are now in the final stages of implementing our WWW presence which, when integrated with our internal systems, will afford us a business advantage over our competitors by completely automating the search and match process to meet our Clients and Candidates needs.

Our web strategy includes the facility to allow Candidates to search and apply for vacancies online and will allow Clients to post vacancies and search for suitable candidates online - a service offering which I believe to be unique in the UK IT Human Resourcing Industry.

With all our systems and infrastructure now in place and ITHR as a brand in the UK IT recruitment industry firmly established this year our focus is purely and simply to increase our internal sales staff and expand revenues in line with the growth we have achieved this year.

As ever our own staff remain our greatest asset. In order to attract and retain quality recruitment professionals ITHR will be introducing a number of new initiatives this year to help us achieve our Corporate objectives. The mainstay of this will be the introduction on an EMI compliant Employee Share Option Scheme which will allow all employees to share in the future success of the Company.

Despite a general slowdown in the IT services market in the first half of 2001 and in particular the Communications and Banking sectors we managed to increase our revenues and grow our team. With an upturn in the market widely predicted in the second half of the year, especially in the above mentioned sectors we are gearing up to take full advantage of any recovery in trading conditions.

Therefore for the year to March 2002 we are looking for another record performance with our objective to increase turnover to in excess of £5m.

Sean Gallagher
Managing Director