16th Dec 2015 10:34
LONDON (Alliance News) - Recruiter Work Group PLC on Wednesday posted a widened pretax loss for the first half, following on from its announcement last week that it will sell its operations and become an investment company.
The company had delayed the publication of its interim results, covering the six months to the end of June, until its strategic review was completed.
On Friday, it announced the results of the review, which will see it sell its UK business and its two overseas subsidiaries to become an investment company.
It agreed a deal to sell its units to Capita PLC, the FTSE 100-listed outsourcer, for GBP2.0 million.
On Wednesday it said it made a pretax loss of GBP659,000 for the half to June 30, compared to a GBP132,000 loss a year earlier, as revenue dropped to GBP3.4 million from GBP4.0 million. The group said its US and Hong Kong operations had both performed well, as had the UK unit.
Following publication of the interims, the company's shares were restored to trading and were down 43% to 3.00 pence, the worst performer in the London market.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.