Contract recruitment company Parc Group has reported a strong performance with pre-tax profits up to £3.3 million (€4.19 million) from £1.3 million (€1.65 million) in the year to the end of March last. The group, which deferred its plans to float on the stock market last year, said yesterday a flotation was still on the agenda but was unlikely to happen before year-end.

Group chief executive, Mr Peter Keenan, said it was keeping the matter under review but was unlikely to come to the market unless the sentiment towards smaller publicly-quoted companies improved. "A flotation has not gone away. We are just waiting for the right time. We are not under any pressure from shareholders."

The flotation was postponed because of weak stock market conditions last year. At that time, the company had been valued at between £35 million and £50 million. Parc specialises in the recruitment of contract staff in the aviation and engineering sector. It currently employs 120 people. Turnover increased to £83.1 million from £64.8 million in the 12 months. Operating profits rose to £5 million from £2.8 million. Mr Keenan said revenue and operating profits were at record levels and predicted the group would exceed this out-turn next year.

Parc has also announced the acquisition of a London-based company Qualitech Recruitment for an undisclosed sum. Qualitech has a turnover of £4.7 million sterling in the current year. It specialises in providing information technology experts for the financial services industry. Mr Keenan said the acquisition would complement and strengthen Parc's IT recruitment services in the US and the Republic.

The group would continue to seek further acquisitions, he said, primarily focusing on Britain and Continental Europe. It is particularly interested in acquiring businesses in the aviation services, IT and engineering sectors.