Specialist staffing group Empresaria posted a fall in revenue and net fee income for the half year, hit by a decline in the Continental Europe region.
Revenue decreased 2% to £95.6m (June 2012: £97.8m), with permanent revenue up 7% and temporary staffing revenues down 3% year-on-year.
Adjusted (to exclude amortisation of intangible assets and exceptional items) profit before tax up 21% to £1.7m (June 2012: £1.4m), as the cost of sales and administrative costs both declined.
The growth in permanent revenue was offset by the reduction in temporary revenue, with the decline mainly due to Continental Europe (down 11%), whereas the Rest of the World was up 12% and the UK was broadly stable.
The lower sales in Germany were as expected following the introduction of equal pay legislation which has been implemented over a nine month period from November 2012. The full impact was seen at the net fee income level, down 17% on 2012 with a resulting decline in temporary margin.
Joost Kreulen, Chief Executive Officer of Empresaria, said: "The group has delivered growth of 21% in adjusted profit before tax on the prior year, despite a fall in revenue and net fee income. We have seen another strong performance from the Rest of the World region which now represents 30% of group net fee income.
"The UK has been fairly stable and shows signs of improving over the second half of the year. The markets in Continental Europe have been the most challenging, but cost controls have helped offset lower net fee income.
"We remain focused on improving operational efficiency to deliver sustainable profit growth. We are committed to developing the group through organic expansion and by taking a selective approach to external investment opportunities."
Mobile banking and payments facilitator Monitise's increased investment in widening and improving its technology meant losses almost doubled in the last full year.
However, turnover doubled for the fourth year in a row, rising 102% to £72.8m as live transactions rose 88% to more than three billion and processed payments and transfers increased 150% to be worth more than $50bn on an annualised basis.
Chief Executive Officer Alastair Lukies said the strong revenue growth reflected the company's growing standing as a "category-leading specialist".
"By creating, developing, deploying and running 'bank', 'pay' and 'buy' solutions for our partners and clients around the world, we are playing our role in societies' ever-quickening shift to Mobile Money, globally."
However, while the top line grows, the cost base of the business increased due to acquisitions and continued investment in expanding its technology and service capabilities.
The group made an increased loss at the earnings before interest, tax, depreciation and amortisation (EBITDA) level, rising from £10.4m to £19.3m as operating costs more than doubled to £74.5m in the year to the end of June.
The cost base will increase further, as Monitise also announced the acquisition of mobile design and technology agency Grapple for £16.5m of its shares, with a further £22.9m of shares
payable based on performance.
Lukies added that the board expected revenues to grow around 50% across the full new financial year 2014, during which the AIM-listed company said it planned to move up to the London Stock Exchange's main market.
A deal announced on Wednesday with IBM capped off a barnstorming year, following a five-year technology partnership agreement with O2 and Movistar owner Telefónica, a three-year development deal extension with Visa Europe, a partnership with Lloyds Bank to develop a mobile point-of-sale retail solution, with several major deals concluding post year-end.
The group, where chairman Duncan McIntrye is being replaced by former Visa Europe boss Peter Ayliffe, ended the year with a strong balance sheet, holding £85.6m of net funds compared to £9.9m a year before.