7th Feb 2014 09:02
LONDON (Alliance News) - Work Group PLC said Friday in a pre-close trading statement, that it had no debt at the end of the 2013 financial year, and held net cash of GBP1.3 million.
In the group's previous trading update on August 30, at the time of reporting financial results for the first half of the year, it said losses had continued to mount during the period and revenues declined, as companies continued to reduce spending on hiring staff.
The company pledged to help recruiters cut costs by helping find new staff online or through social media. However, it has been hit hard by the economic downturn as companies cut spending and moved recruitment in-house. Work Group was already forced to sell one of its two units, its Armstrong Craven business for GBP2.8 million, as well as a write-down of GBP2.2 million for the business in goodwill.
The disposal however, allowed resources to be focused on the remaining Work businesses, and significantly reduce its cost base, it said on Friday.
Work said it will announced its full-year results for 2013 at the end of April.
Shares in the group opened 7.7% lower at 7.85 pence per share Friday morning
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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