Shares in consultancy form Work Group (LON:WORK) fell by over 40 percent this morning, as a trading update showed disappointing full-year figures.
The company disclosed an unaudited operating loss of £648,000, compared to a loss of £132,000 this time last year. Revenue has halved from £7.6 million in December 2014 to £3.4 million in June.
Chairman Simon Howard commented:
“We have been able to leverage the experience of our UK based strategic and creative teams to help overseas offices both win new business and deliver innovative solutions. This has vindicated the substantial investment we have made in recent years in opening and growing our overseas offices.
Our continuing losses necessitated tight working capital management with cash outflow in the period limited to £177,000.”
Work Group is a global consulting firm, specialising in the communications and talent management industries. The company has a 52 week range of between 0.0 and 7.6, and is currently trading down 42.48 percent at 3.02 pence per share.
16/12/2015
