20 Jun 2017 15:55
Nakama Group plc (AIM: NAK)
("Nakama" or "the Group")
TRADING UPDATE
The Board of Nakama Group plc expect to announce the annual results for the year to 31 March 2017 in the first week of August 2017. The Directors expect revenue to be in the region of £22.5m (2016: £21.0m) with a similar increase in Net Fee Income.
At the time of the release of the interim results on 1 December 2016 the Board of Directors had expected a stronger second half to the year, however the progression within the UK, Singapore and Melbourne businesses was slower than expected.
The Group experienced fluctuations in headcount during the first half of the year which took longer than expected to correct and this produced a knock on effect that led to a slower than anticipated recovery during the second half of the year.
The businesses started to deliver a gradual upturn towards the end of the financial year and the Australia and Hong Kong businesses continued to trade strongly.
Market conditions have seen weaker trading in the contracting market for the Group as a whole with margins being eroded as more customers turn to a Recruitment Process Outsourcing "RPO" or in-house solution. This has seen the businesses continue to focus on core services but start to diversify their product and service offerings in core markets.
The directors expect that for the year to 31 March 2017, EBITDA will be below that of the previous year and there will be a small loss before tax.
Trading in the first two months of the current financial year is ahead of the same period last year.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Nakama Group plc Rob Sheffield, CEO Angus Watson, CFO | www.nakamaglobal.com Tel: 0061 498 127 326 Tel: 01883 341 144 |
WH Ireland Limited Paul Shackleton (NOMAD) David Kilbourn (Broking) |
Tel: 0207 220 1666 |
Peckwater PR Tarquin Edwards | Tel: 07879 458 364 tarquin.edwards@peckwaterpr.co.uk |
NOTES TO EDITORS
About Nakama Group plc
Nakama Group plc is a recruitment group of two branded solutions placing people into specialist and management positions;
· Nakama operates in the digital, creative, media, marketing and technology sectors all over the world from offices in the UK, Asia and Australia and North America.
· The Highams brand specialises in the Financial Services sector, specifically Business Change and IT in Insurance and Wealth Management currently in the UK and Europe.
Nakama Group plc was created in October 2011 through the acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong, Sydney and Melbourne by AIM listed Highams Systems Services Group plc.
Since forming in 2011, the Group has opened offices in Singapore and New York for Digital, Creative, Media and Marketing.
Our aim is to offer all our services from both our brands in all our locations.