LONDON (Alliance News) - Recruitment company The Kellan Group PLC on Friday said its pretax loss narrowed in 2014 as the group's net fee income rose despite lower revenue as its costs were brought down and it saw an improvement in performance in the second half.
Kellan said its pretax loss for the year was GBP55,000, compared to a GBP1.7 million loss a year earlier. The loss in 2013 was driven by higher administrative expenses, which fell to GBP7.7 million from GBP8.9 million, and by a higher cost of sales, which fell to GBP15 million from GBP15.7 million.
Revenue fell to GBP23 million in the half, from GBP23.4 million, but net fee income in the year rose to GBP8 million from GBP7.7 million, boosted by a rise in net fee income in the second half of 2.6%.
Kellan Executive Chairman Richard Ward said the company's performance in 2014 was boosted by an improving market, though it said there remains some way to go before a full recovery is achieved.
Shares in Kellan were up 51% to 1.06 pence on Friday, one of the best performers in the London Main Market.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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