Recruitment company Kellan Group says that trading remains tough but it expects to grow its revenues.
Kellan, formerly known as Berkeley Scott, says that net fee income for the first quarter of 2010 is higher than the same period last year. That will help to significantly reduce the operating loss. However, the company’s main markets are very competitive and business is difficult to predict. Kellan is involved in IT, accountancy, hospitality, leisure and professional services sectors.
A convertible loan note issue raised £1m in February. Net debt was £4.33m at the end of 2009 and there was a cash outflow from operations during the year.
Three non-executive directors have surrendered more than 4.4m options over shares so that other employees can be granted new options.
At 3.875p a share, Kellan is valued at £2.47m.
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