Pinnacle Staffing says that its full year revenues will be 12% lower at around £38m and it will report a loss of more than £1m.
Pinnacle provides temporary and permanent healthcare staff. The nursing division maintained its turnover in the year to 4 January 2009 and the fall came in the medical services division because it withdrew from the NHS North Central London Master Vendor Agreement to supply health professionals.
Net debt was £2.2m at the year end. Executive chairman Tom Charlton has lent the business £500,000 and this has helped it keep within its banking covenants.
Pinnacle is talking positively about 2009. It expects to win new work in the nursing division, which has been appointed primary supplier of agency nurses for Acute Trusts within the Bristol, Bath, Gloucester and Weston Collaboration, and new management has been installed at the medical services division.
At 1.38p a share, Pinnacle is valued at £1.21m.
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