LONDON (Alliance News) - Recruitment consultancy Nakama Group PLC Wednesday said it narrowed its losses in its last financial year, supported by higher revenues and the absence of exceptional costs, which it was hit by the prior year.
The group reported a pretax loss of GBP121,000 for the financial year ended March 31, compared with a loss of GBP219,000 the prior year, when it booked GBP68,000 in exceptional costs.
Revenue in the year grew 5% to GBP17.5 million, up from GBP16.7 million a year earlier, boosted by higher revenue from the Asia-Pacific region; a region it is currently investing in to help drive growth, it said. The company also said net fee income improved by 9% to GBP4.4 million during the period.
Nakama said market conditions during the year were mixed, with tougher market conditions in the first-half of the year, helped by improved conditions in the second-half. It also said currency moves, particularly a stronger British pound hurt profits.
"Our stated strategy of expanding into our specialist areas internationally is proving successful, but tough UK market conditions have had an impact on UK profits," Chairman Ken Ford said in a statement.
The group did not declare a dividend for the year, but said "a resumption in dividend payments will be kept under review."
Nakama said trading in the first quarter of its new financial year have seen both higher net fee income and profitability.
"The board looks to the 2014/2015 year as one in which the group will benefit from a still improving market environment and will work to increase revenue and profit performance from the strengthened infrastructure and international offices now securely in place," said Ford.
Nakama shares were trading 4.4% lower Wednesday morning at 2.75 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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