In what Angus Watson, chief financial officer and interim CEO, described as “disappointing” results, the group recorded a loss before tax of £437k compared to a loss of £63k in the same period in 2016.

The group, which provides recruitment and related services for the web, interactive, digital media, IT and business change sectors, saw its net fee income (NFI) fall from £2.9m to £2.7m. Although permanent placement revenue rose by 11% to £1.7m, contractor revenue decreased by 30% to £6.5m (from £9.2m in 2016).

Commenting on the results for the six months ended 30 September 2017, Watson said: “The results for the first six months are disappointing and it has taken longer than expected to see the benefits from the changes to the business that have taken place in past months.

“The restructuring of the group though is now almost complete and we are in a better position going forward and are able to feel more confident about the future.

“In June 2017, we announced the substantial investment by Sheffield Haworth into the share capital of the Group. Collaboration with Sheffield Haworth is continuing to develop and beginning to unlock opportunities that were formerly closed to us.”

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