Restructured recruiting outfit BNB, tipped on these pages as a speculative buy at 15.25p, has stormed home with a £5.9m profits turnabout for the year to December. Under the stewardship of chairman Simon Grinstead, the ex-Adecco man drafted in last May, and finance director Paul Turner, adjusted pre-tax profits came in at £300,000, an emphatic swing from the £5.6m loss posted in 2003. Turnover soared 23% to £151.7m, gross profits powered up 47% to £40.2m and pre-tax losses were pared back from £6.2m to £193,000. Within BNB's recruitment solutions and recruitment consultancy operations there was strong organic profits growth. And during the year, BNB made three important acquisitions: the Apollo group of businesses, which took BNB overseas for the first time in March, recruitment solutions play TCS in July, and MGMS International in November. Grinstead says 'we've moved through the first phase of our strategy, turnaround, and we've also signalled our intent to be a high growth business both organically and through buy-and-build'. On the recruitment market, he says 'fair winds' still prevail in the much-improved UK market, where he expects plenty more growth in 2005. However recovery in Europe remains 'patchy'. For 2005, house broker Shore Capital suggests adjusted profits of £1.4m and earnings of 0.66p, before a spark up to £3.4m and 1.48p by 2006. A forward multiple of 11.7 for 2006 looks undemanding. Buy.