Savile Group warns City of ‘a significant loss’
24 September 2013
UK human resources consulting group Savile Group has issued a warning to the City of “a significant loss”.
Tue, 24 Sep 2013UK human resources consulting group Savile Group has issued a warning to the City of “a significant loss”.
In a statement, it says it has seen “a significant downturn in expected activity in the first quarter of the financial year [starting July 2013] in Fairplace, the group’s corporate transition business, which represents around 70% of group sales”.
“This business saw an unusually quiet July and August, and the expected pick up in September after the summer break is both slower and delayed, as a result of which the group will incur a significant loss in these months. The board will monitor progress in Fairplace carefully in the coming months.”
The statement continues: “In response, the board is taking immediate steps to align costs with lower activity levels and is exploring other steps to reduce costs. The reduced sales and losses have had a commensurate adverse impact on the group's cash reserves. The board is examining options to provide additional funding for the group.”
The warning represents a significant turnaround for the group. On 6 August 2013, the board announced that the performance of the group had improved in the second half of the financial year ended 30 June 2013, resulting in it trading profitably in that period.
In a statement, it says it has seen “a significant downturn in expected activity in the first quarter of the financial year [starting July 2013] in Fairplace, the group’s corporate transition business, which represents around 70% of group sales”.
“This business saw an unusually quiet July and August, and the expected pick up in September after the summer break is both slower and delayed, as a result of which the group will incur a significant loss in these months. The board will monitor progress in Fairplace carefully in the coming months.”
The statement continues: “In response, the board is taking immediate steps to align costs with lower activity levels and is exploring other steps to reduce costs. The reduced sales and losses have had a commensurate adverse impact on the group's cash reserves. The board is examining options to provide additional funding for the group.”
The warning represents a significant turnaround for the group. On 6 August 2013, the board announced that the performance of the group had improved in the second half of the financial year ended 30 June 2013, resulting in it trading profitably in that period.
