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Kellan Group

  • BY: Andrew Hore |
  • POSTED: 20/06/2017 |

A second half recovery was not enough for recruitment firm Kellan Group to offset the fall in first half revenues. 

In 2016, revenues fell 12% to £21.9m and net fee income declined from £7.7m to £6.78m. Even excluding the impairment charge of £2.6m, pre-tax profit fell from £426,000 to £92,000.  Net debt was £3.34m at the end of 2016 as cash generated from operations was used to reduce borrowings.

Quantica was responsible for most of the decline in revenues, partly down to the closure of the Birmingham office.

The group performance in 2017 is slightly ahead of expectations.

At 0.6p, the share price is not far off its low for the past 12 months.

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