News blog

Work Group

• BY: Andrew Hore |
• POSTED: 14/04/2013 |

Recruitment services provider Work Group has written down its goodwill by £7.9m and is considering selling all or part of its business.

The impairment relates to both Armstrong Craven and Work Communications, which reported reduced net fee income in 2012. Total net fee income fell 11% to £11.6m. Costs have been reduced but the 2011 pre-exceptional profit of £545,000 was turned into a £188,000 loss.

There was £389,000 in the bank at the end of 2012. Management is cautious about the outlook.

At 4.5p a share, down 1p, Work is valued at £1.26m.

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