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UK — Kellan group optimistic about 2010 revenue growth

19 May 2010

Kellan Group Plc (AIM:KLN.L), the Information Technology (IT), accountancy, hospitality, leisure and professional services recruitment group yesterday held its Annual General Meeting. Tony Reeves, Co-Chairman of Kellan Group Plc, provided the following update on trading for the group, for the period from 1 January 2010 to 30 April 2010.

"As we highlighted in our 2009 year end results statement, the deep and rapid decline into recession continues to present us with a demanding environment for UK recruitment. However, we have started 2010 with a much stronger performance than 2009 and we are optimistic that our revenues will continue to grow throughout the year. The group achieved an increase in revenues and net fee income in the first quarter of 2010 compared to the final quarter of 2009, with a considerable reduction in the operating loss over the same period."

"Demand for our services remains difficult to predict and overall our trading areas are very competitive with many of our peers chasing the same business. However, in most of our businesses we have been successful in gaining exclusivity on an increasing number of assignments and this remains a focus for us throughout the year ahead."

 
"In February we issued a Convertible Loan Note to raise 1 million Pounds, strengthening the company's balance sheet and enabling us to continue to meet our repayment obligations on outstanding long-term debt, whilst also maintaining sufficient working capital for our day-to-day requirements."

 

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