IT recruiter Lorien said it was “unable to provide shareholders with a definitive recommendation” on whether to accept the 40p-a-share bid from Southwind (Recruiter 10 January).

However, it said the offer price, which values Lorien at £7.45m, does not fully reflect the company’s value.

Lorien also reported its results for the year to 26 November. Turnover rose to £150.3m, from £129.2m. Pre-tax profit was £614,000, up from £34,000.