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Work Group

  • BY: Andrew Hore |
  • POSTED: 16/09/2010 |

Recruitment services provider Work Group, where Jon Moulton has a 17.85% stake, returned to profit in the first half of 2010.

Stripping out restructuring costs, there was a swing from an underlying loss of £20,000 to a profit of £240,000. The exceptional costs for redundancies and office relocations fell from £559,000 to £380,000.

Net fee income edged up from £5.79m to £6.01m. Trading has been strong enough to reverse a pay cut made in April 2009.

There was a mixed picture for the business. Talent management, which includes search and outsourcing services, increased its net fee income from £2.51m to £3.39m, while its operating profit was nine times higher at £1.08m. The revenues of the communications division fell and it slumped into loss.

At 12.75p a share, Work is valued at £3.65m. There was net cash of £1.11m at the end of June 2010.

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