Despite challenging trading conditions, Paracon grew revenue 4% in the six months to March, and reported profit on par with last year's.
The company, which specialises in staffing solutions, says it maintained a “reasonable performance”.
“A pleasing feature of these results is the improvement in trading conditions in the ICT resource market during the period,” Paracon says.
The company says that, although the economy continued to hamper the sector, activity in the ICT resource market increased during the period and it is anticipated this will continue in the second half of its financial year.
Paracon expects tough trading conditions to continue for some time, despite more positive business sentiment, escalated trading, and SA's recovery from the recession.
As part of its growth plan, it will continue to pursue organic and acquisitive growth, and it has enough cash in the bank to “regularly evaluate and capitalise on suitable acquisition opportunities”.
Net profit across the group of R26.7 million translated into headline earnings and earnings per share of 8c. The company has R60.6 million cash-on-hand and generated R33.9 million from operations during the six months.
Its key division, Paracon Resourcing, turned over R413.1 million, up from R403.8 million last year. It contributed 85% of the group's revenue. Business Solutions performed ahead of expectations, growing revenue 18%, to R71.5 million, off the back of “healthy results” from professional services and networking.
Paracon's shares were unchanged this morning at 146c.
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