Recruitment consultancy Nakama Group reported lower revenues but a move back into operating profit.
In the year to March 2019, revenues fell by one-fifth to £13.4m, while net fee income fell by 23% to £4.1m. Those figures include discontinued activities. Continuing revenues net fee income still fell but less rapidly. An operating loss of £924,000 was turned into an operating profit on continuing activities of £125,000. A continuing pre-tax profit of £88,000 was achieved.
There is £166,000 in cash in the balance sheet and net debt is £272,000. The business was cash generative thanks to a sharp reduction in trade receivables.
Offices have been shut in Sydney and Melbourne, which are the discontinued activities, and the focus is on the UK and Asia Pacific. There was strong trading in Hong Kong and in the insurance-focused business in the UK but the Singapore business was loss-making. There are still some restructuring costs to come.
Peter Kellner has taken a 3.4% stake.
The share price recovered to 1.15p after the results.
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