Although perennially overlooked by the market, specialist recruitment company Interquest (ITQ) continues to move in the right direction. In the six months to June, net fee income and profit were up 6 per cent and 33 per cent, respectively, thanks to improvements in customer retention, cross-selling and better margins. Management confidence was reflected in a doubling of the half-year dividend to 1p, which helped send the shares up by 4 per cent.
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What is more likely to dampen sentiment is the departure of chief executive officer Mark Braund to troubled communications group Coms (COMS). Mr Braund will stay on as a non-executive director, while executive chairman Gary Ashworth searches for a full-time replacement.
