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Greatfleet

  • BY: Andrew Hore |
  • POSTED: 22/05/2008 |

Greatfleet says that trading is holding up well in spite of the credit crunch.

Legal and financial services are major sectors for the recruitment company but there is no sign of a downturn and the management believes it has gone a long way to sorting out the past problems.

The loss of £1.6m on revenues of £10.3m in 2007 didn’t come as a surprise. It included restructuring costs of £914,000.

The company’s consultants are generating revenues of around £10,000 each – double the previous figure. Greatfleet needs to appoint more consultants so that it doesn’t miss out on business.

Qualitas, the regional recruitment business, will add a branch in Birmingham later this year and this should provide it with national coverage.

Unsurprisingly, the shares have been weak over the past six months or more. They fell a further 1.5p to 24.5p. Greatfleet is still losing money but hopes to swing into profit in the near future. The second half figures for 2008 should provide a good indication of the progress made. Until there is more solid evidence of a recovery the shares are likely to remain weak even if directors continue to buy.

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