Nakama Group Plc Trading Update (1084G)
February 27 2018 - 7:38AM
UK Regulatory
TIDMNAK
RNS Number : 1084G
Nakama Group Plc
27 February 2018
Nakama Group plc (AIM: NAK)
("Nakama" or the "Group")
TRADING UPDATE
The Board of Nakama expects to announce the annual results for
the year ending 31 March 2018 at the beginning of August 2018. The
Directors anticipate revenue for the year to be in the region of
GBP16m (2017: GBP21.5m) and net fee income of approximately GBP5.5m
(2017: GBP6.2m). The decline in net fee income will result in a
significant loss for the financial year.
At the time of the release of the interim results on 28 November
2017, the Board expected an improvement in trading during the
second half of the year. Since the interim results announcement,
the expected improvements have not materialised and the business
has continued to produce losses in Australia, Singapore and London,
negatively impacting the Group's overall financial position.
The Board has recently appointed a new Chief Executive Officer
and new Non-Executive Chairman. Andrea Williams, the new Chief
Executive Officer, is conducting a strategic review of the
operating businesses and putting in place measures to stabilise the
business, reduce operating costs and grow net fee income. It will
take time following the implementation of these measures before the
Group's trading materially improves.
The Directors remain confident, however, that a restructuring of
the business will enable the Group to take advantage of the
long-term growth opportunities in the data, analytics, digital,
technology and creative recruitment market.
Enquiries:
Nakama Group plc www.nakamaglobal.com
Andrea Williams, CEO Tel: 00 971 506 043
Angus Watson, CFO 366
Tel: 01883 341144
WH Ireland Limited
Tim Feather (NOMAD) Tel: 020 7220 1666
James Sinclair-Ford
Peckwater PR Tel: 07879 458364
Tarquin Edwards tarquin.edwards@peckwaterpr.co.uk
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.
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.
-- 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 an office in
Singapore.
Our aim is to offer all our services from both our brands in all
our locations.
This information is provided by RNS
The company news service from the London Stock Exchange
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