HLO19 Aug 2011 08:16
The future
Since the announcement on 25 January 2011 of the suspension of the Company's shares from trading on AIM with immediate effect, the Group has faced considerable challenges.
However, following the conclusion of the internal investigations and the subsequent progress made to improve all the business processes and governance and to re-engineer the business, your Board believes that HCL is now in a position where, subject to shareholder approval of the Refinancing, it is able to look forward to the future with confidence.
The UK business, which remains a leading business in its field, is in a good position to grow and to meet the changing requirements of the UK healthcare staffing market.
The HCA business in Australia has continued to trade in line with expectations since its acquisition.
We also believe that synergies can be achieved over time by owning both the Australian and UK healthcare recruitment businesses.
The complexity and extent of the challenges faced by the Company has meant that the process of producing these audited Financial Statements has taken considerably longer than initially expected. Nevertheless, the action taken by your Board has been appropriate in restoring stability and positioning the Group for sustainable growth in the future.
Despite its recent troubles, HCL remains fundamentally a good business. Today the Group employs some 580 staff and plays a very important role in fulfilling medical staffing needs in both Australia and the UK, with over 13,000 locums placed and over 600 permanent placements made in the first half of 2011.
In what has been an exceptionally challenging period for HCL, I would like to thank our staff for the tremendous commitment and dedication they have shown.
The Board and I are confident that HCL can grow again and prosper from here on.
Peter Sullivan
Chairman