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Greatfleet

  • BY: Andrew Hore |
  • POSTED: 25/09/2007 |

Weak second half trading by its banking recruitment business means that Greatfleet’s full year profts will be much lower than expected. 

Greatfleet has argued in the past that recruiting compliance officers and other niche positions for banks would be less volatile than the recruitment of traders. That may be so, but it isn’t immune to the tough financial services market. The legal recruitment business is still trading strongly and there will be a small full year contribution from the Qualitas acquisition.

Interim profits improved from £207,000 to £311,000 with no tax payable on those profits due to past tax losses. A £2.5m placing earlier this year helped improve the balance sheet but there was a large cash outflow in the first half.

Greatfleet needs to continue to supplement organic growth by acquisitions in order to increase in size so that it attracts the attention of more investors. 

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