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Work Group

  • BY: Andrew Hore |
  • POSTED: 18/07/2012 |

Talent management business Work Group has put out a cautious trading statement which has led to a forecast downgrade from house broker Merchant Securities. 

The share price fell 1.75p to 11.5p, which values Work at £3.21m.

Work says that the recruitment services market has been challenging with weak business confidence delaying investment decisions. Net fee income was 4% lower at £6.2m at the interim stage. There should be a small operating profit.

Net cash was more than £500,000 at the end of June 2012.

Interim figures will be published on 18 September.

Merchant has reduced its full year net fee income forecast from £14.4m to £13.2m, while the pre-tax profit forecast has been cut from £1.1m to £900,000 – still nearly double the 2011 profit.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf

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