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12 Jan 2011 07:00
Work Group plc ("Work" or the "Group")
Pre-close Trading Update
Work, the AIM-listed marketing services company, announces a trading update ahead of the release, on 17 March 2011, of its preliminary results for the year ended 31 December 2010.
The Group made solid progress in 2010 and its results for the year are expected to be in line with expectations.
Group net fee income was up 15% to £12.5m (2009: £10.8m). The Talent Management businesses put in a particularly strong performance, with net fee income growing 36% to £7.0m (2009: £5.2m). Our communications businesses in the UK, which has a small exposure to the public sector, did have a tougher second half than expected and net fee income for the year was down 4%. All of this decline can be attributed to a collapse in communications expenditure from the public sector.
Both our overseas offices progressed to break-even for the second half of the year.
The Group remains debt-free and had cash of £1.8m at the year end.
Simon Howard, Executive Chairman, comments: "2010 was a year when we established new management within the Group and re-established growth. That is a very strong platform on which to enter 2011".
Enquiries:
Work Group Simon Howard, Executive Chairman
| Tel: +44 (0)20 7492 0000 |
Altium Tim Richardson Sam Fuller | Tel: +44 (0)20 7484 4040 |
About Work Group
Work Group is a marketing services company offering a range of solutions which enable employers to create advantage through offering better ways to resource and engage their talent. It focuses on providing services in "talent acquisition and talent development" which enable employers to more effectively recruit, engage, develop and retain key staff.
Work Group's approach is to help employers reduce their traditional reliance on recruiters such as head-hunters and recruitment agencies through helping them establish and maintain a direct relationship between employer and prospective employee. It also helps employers reduce attrition costs through better employee engagement and retention of key talent.
Work Group currently operates through two divisions; Talent Management and Communications, providing services from its four locations in the UK and offices in New York and Hong Kong.
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