13th Jan 2015 17:08
LONDON (Alliance News) - The Kellan Group PLC said Tuesday that it expects to post adjusted earnings before interest, tax, depreciation and amortisation of GBP700,000 for 2014, swung from a loss before interest, tax, depreciation and amortisation of GBP353,000 a year before.
In a trading update, the recruitment business said it expects its net fee income for the year to be around GBP8 million, up 4% from GBP7.66 million a year before, helping bring its operating profit before impairment to GBP150,000, compared to an operating loss of GBP1.2 million in 2013.
Productivity per fee earner in 2014 was around GBP105,000, the company said, up 10% compared to GBP96,000 in 2013.
Kellan Group said it currently has GBP550,000 in secured convertible loan notes outstanding redeemable by February 5, and GBP811,000 in unsecured convertible loan notes redeemable by February 14. It has been in talks with the loan note holders over either redeeming the loan notes at a discount to their nominal value, or to refinance the loan notes on extended terms.
At the same time, it is continuing discussions to obtain the necessary funding to redeem the loan notes as necessary. Kellan Group said it is "pursuing all other options available with regard to the loan notes."
Shares in Kellan Group were untraded Tuesday. It last closed at 1.17 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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