Nakama Group Plc – Unaudited Interim Results

Nakama Group Plc – Unaudited Interim Results

 

Nakama Group plc (AIM: NAK), the AIM quoted recruitment consultancy working across UK and Asia, providing recruitment services for the web, interactive, digital media, IT and business change sectors, announces its half year report for the six months ended 30 September 2019.

 

Highlights

 

·  Progress made towards gaining financial stability and winning new business by leveraging client relationships

·     Progress made to making the business more stable, particularly from a personnel perspective

·     Net fee income (“NFI”) of £1.5 million (2018: £2.7 million; *Adjusted: £2.2 million)

·     Permanent placement revenues of £1.0 million (2018: £1.7 million; *Adjusted £1.4 million)

·     Contractor revenues were £3.7 million (2018: £6.3 million; *Adjusted £5.6 million)

·     Overall headcount reduced by 30% to 40, reducing the Company’s cost base

·     H1 performance was a significant reduction on H1 2018, however a marked improvement on H2 2018

·     Profit before tax of £20,000 (2018: profit of £186,000; *Adjusted £223,000)

·    Challenges ahead due to the Group’s tight cash position, caused primarily by debtor collection issues in Hong Kong

·     The Board are considering restructuring options

 

*Adjusted figures exclude discontinued operations of Nakama Melbourne and Nakama Sydney

 

Robert Thesiger, Chief Executive Officer of Nakama Group, commented: “The first half of 2019/20 has seen numerous challenges across the Group. However, I am encouraged with the results and resultant relative stability that the business is now displaying compared to H2 2018.”

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