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DPA Group NV (DPA:AEX), the specialist staffing solutions provider, has today announced a trading update for the first quarter of 2010.
The group announces that developments in revenues in Q1 2010 were less positive than in the same quarter last year. DPA says further that the reduction in the fixed cost base implemented in 2009 has had a positive impact on EBITDA so far. However, the group cannot currently see any clear signs of improvement in the specialist staffing sector.
DPA has also decided not to go ahead with the previously announced acquisition of Dutch specialist staffing agency WR Leading in Finance. Instead, the 9 million Euro generated from the recently announced issuance of 5 million new shares will be used to buy out the minority shareholder of DPA subsidiary DPA Supply Chain People Limited, the repayment of loans and the strengthening of the group's working capital.
In early trading DPA's shares were unchanged at 2.15 Euro.