(Alliance News) - Recruitment services provider Prime People PLC on Friday reported a fall in revenue and decided against a dividend, as Covid-19 and its uncertainty continued to impact the firm.
Shares in Prime People were down 8.3% to 58.72 pence each in London on Friday afternoon.
Pretax loss for year ended March 31 amounted to GBP173,000, narrowed year-on-year from GBP2.1 million.
The London-based firm posted revenue of GBP17.8 million, a fall of 26% year-on-year from GBP24.0 million.
The Covid-19 pandemic had a large impact on all parts of Prime People, it said, with the company experiencing a decrease in demand which extended through the year.
"Despite the strong headwinds facing all businesses, the group's strategy of cultivating strong client relationships, investing in the best technology, and employing the best people helped mitigate the impact of the unprecedented restrictions placed upon global economies," the company said.
Prime People also credited "tight control of cash resources and expenditure" that has allowed the firm to stabilise and recover as markets began to normalise after the first round of lockdowns.
After giving out a dividend of 1.80 pence per share in 2020, Prime People decided against a dividend for 2021 financial year.
While trading in its international offices have been "encouraging", the firm said it may be impacted by ongoing restrictions on travel, as several of its geographic segments face geopolitical uncertainty.
"We believe that with our management focus on the key business drivers, and optimising interaction between our regions, the group is well positioned to respond swiftly across all businesses to changes impacting our activity. We are confident about our ability to generate worthwhile, long-term returns and will continue to invest for the future," the company said.
By Amrit Sahota; newsroom@alliancenews.com
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