LONDON (Alliance News) - Recruitment consultancy Nakama Group PLC Monday said it swung to a loss in the first half of its fiscal year as revenues stayed stable but administrative costs went up as it hired key new staff.
The provider of staff for the Web, Interactive, IT and Digital media sectors reported a pretax loss of GBP25,000 for the six months to end-September compared with a profit of GBP11,000 a year earlier, while revenues were flat at GBP8.6 million.
It said trading conditions in the UK remained challenging, which acted as a drag compared with the 38% increase in revenues in its Asia Pacific operations driven by an increasing number of clients.
Total net fee income rose by 3% to GBP2.13 million, from GBP2.08 million.
"While trading conditions in the UK remain challenging, we have pleasingly made some important strategic hires and increased our ability to deliver within a broader set of digital markets. We expect to continue to build on these foundations across the board and grow net fee income over forthcoming trading periods," the company said in a statement.
"We are therefore optimistic for the second half and look forward to meeting head on, what is still a challenging marketplace, but one on which we feel we are strategically well-placed to capitalise," it added.
Nakama Group shares last traded at 1.2 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1