Nakama slumps as third-quarter profit and revenue drop

(ShareCast News) - Shares in AIM-listed recruitment company Nakama Group fell sharply after it posted a drop in first-half profit and revenue.For the six months ended 30 September, pre-tax profit fell to £169,000 from £222,000 on revenue of £10.6m, down from £11.1m.The company attributed the decline in revenue to adverse currency movements in its Asia Pacific operations and a small drop in UK revenue.Revenue across Asia Pacific was up 18.4%, but would have been up 27% on a constant currency basis.Net fee income rose 11% to £3m and permanent recruitment fees increased 32% to £1.75m.Chief executive officer Rob Sheffield said: "Since September we have conducted a widespread review of all group operations with a specific emphasis on sales. The group strategy for growth in all regions is a key focus aligning all offices and enabling the business to grow globally."In a separate statement, the company said its chief operating officer Kerri Sayers will be leaving the company at the end of the month after 21 years.Angus Watson, who was recently appointed a non-executive director, has agreed to step into the executive role of CFO.Nakama said Watson has as extensive experience in both the technology and recruitment sectors and has held senior and board positions at a number of private and AIM listed companies.He was group finance director at global telecoms equipment company First Point Group. Prior to that, he was finance director of AIM-listed Cornwell Management Consultant.At 1006 GMT, Nakama shares were down 28.6% at 3.75p.