Armstrong Craven fee income hits £2.2m

MANCHESTER headhunter Armstrong Craven has seen a 10% increase in new business over the half year, with net fee income hitting £2.2m.

The net fee income represents a 17% increase for the half year to the end of June 2011 and the group said new business wins were gained over a broad range of client sectors.

Operating profit at the company, owned by Aim-listed Work Group, stood at £545,000, which the group said represented a “satisfactory margin”.

Simon Howard, chairman of Work Group, said: “Armstrong Craven’s profitability continued to grow, while the Work Communications business managed to increase its net fee income in the face of a continued decline in its advertising income.”

He added: “The results demonstrate clearly that the Armstrong Craven model continues to win new followers.”

Across the group, which also includes Work Communications, net fee income increased 7% to £6.4m. However, Work Group made an overall operating loss of £75,000.