1st Apr 2014 09:13
LONDON (Alliance News) - Penna Consulting PLC said Tuesday that its expects its full-year results to be marginally ahead of management expectations and buoyed by the integration of the Savile Group businesses ahead of plan.
The international human resources consulting group, said that the transition of clients across to Penna has been achieved and the removal of duplicative costs is now complete, with the acquisition making a positive contribution to the company's results for the year, said Penna.
In a trading update for the financial year to March 31, 2014, the firm said the integration of Savile's businesses into its own was completed ahead of schedule.
Penna completed its acquisition of Savile Group shares in February when it became compulsory after it received acceptances from Savile Shareholders representing over 90% of the takeover target's shares.
The firm notes, "Following the completion of a major long term contract our operation in Northern Ireland was trading at a loss and has now been closed. The costs of closure and losses incurred this year will be fully provided for at the year end."
Penna said its HR Consulting division is performing well and has seen continuing positive momentum in its Recruitment Solutions division. Looking ahead to the full-year results, the firm said that its continuing operations will show performance marginally ahead of the board's expectations.
The company will announce results for the year in early June 2014.
Shares in Penna were trading 5.88% higher at 135 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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