FINANCIALS: Kellan slows decline, chair emphasises strengths
24 May 2013
Despite reductions in administrative expenses, a slowdown in revenues at recruitment firm Kellan Group saw it register a loss before tax in 2012, albeit much reduced from the 2011 figure.
Fri, 24 May 2013
Despite reductions in administrative expenses, a slowdown in revenues at recruitment firm Kellan Group saw it register a loss before tax in 2012, albeit much reduced from the 2011 figure.
Revenues dropped by just over 10% to £24.2m compared to 2011, but a substantial reduction in administrative expenses, which moved from £16.3m to £10.8m, mitigated the reduced net fee income (NFI), down by more than a fifth to £8.6m.
The firm made a loss before tax of £2.6m, less than half of the £5.9m total for 2011.
Executive chair Tony Reeves says hospitality and leisure recruiter Berkeley Scott has shown “great strength”, while IT division Quantica Technology has seen new streams of revenues as it moves into mainland European markets. Meanwhile, the RK and search brands “had a difficult second half in 2012 but are showing promise”, he adds.
This follows turbulent times for the recruitment group. In the first six months of 2012, it reported drops in revenue and NFI, continuing a slump seen through 2011, although the firm insisted it was making savings and ready to “unleash the undoubted potential of the group” as part of a longer-term growth strategy.
More recently, it has seen the departures of its chief executive officer Ross Eades and senior executive Lynne Hardman.
The full results are available from Kellan's website.
Despite reductions in administrative expenses, a slowdown in revenues at recruitment firm Kellan Group saw it register a loss before tax in 2012, albeit much reduced from the 2011 figure.
Revenues dropped by just over 10% to £24.2m compared to 2011, but a substantial reduction in administrative expenses, which moved from £16.3m to £10.8m, mitigated the reduced net fee income (NFI), down by more than a fifth to £8.6m.
The firm made a loss before tax of £2.6m, less than half of the £5.9m total for 2011.
Executive chair Tony Reeves says hospitality and leisure recruiter Berkeley Scott has shown “great strength”, while IT division Quantica Technology has seen new streams of revenues as it moves into mainland European markets. Meanwhile, the RK and search brands “had a difficult second half in 2012 but are showing promise”, he adds.
This follows turbulent times for the recruitment group. In the first six months of 2012, it reported drops in revenue and NFI, continuing a slump seen through 2011, although the firm insisted it was making savings and ready to “unleash the undoubted potential of the group” as part of a longer-term growth strategy.
More recently, it has seen the departures of its chief executive officer Ross Eades and senior executive Lynne Hardman.
The full results are available from Kellan's website.
