Legal and finance recruiters Greatfleet has announced a full-year pre-tax loss after trading “well below” its original expectations, following restructure of the business.

Greatfleet’s pre-tax loss for the year to 31 December 2007 was £1.66m. This contrasts with a profit of almost £1m, on the same period last year. Restructuring costs of the period amounted to £0.91m.

Colin Gerstein, chief executive at Greatfleet, commented: “Through the restructuring and supported by a strong new management team, we have created a solid platform on which we can now build the business organically and through acquisition. The company is now well placed to expand and with continued hard work it can look ahead with some confidence.”