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UK — Pinnacle Staffing Group make a -425,000 Pounds pre-tax loss

24 September 2009

Revenues were down to 19.3 million Pounds from 19.9 million Pounds in 2008. Pre-tax Loss before credit for negative goodwill was down to -425,000 Pounds from a Pre-tax Loss of -6.2 million Pounds in 2008, Pinnacle Staffing Group plc (PCL:LSE), the specialist temporary healthcare recruitment group announced in its interim results for the six months ended 5 July 2009.

Tom Charlton, Pinnacle Executive Chairman said "The Nursing Division is expected to have a much better second half as our key nursing brands; BNA, Mayfair Specialist Nurses and Grosvenor Nursing Agency build on their new framework positions."

"The Doctors recruitment businesses are expected to maintain their growth rate and should make a modest profit contribution if the current market conditions continue. Medical Services will again be loss-making as we invest in the division to improve its performance."

"The Board is conscious of the fact that the rate of progress in bringing about a change in Pinnacle's fortunes appears to be painfully slow. Much valuable work has been done over the last twelve months to make Pinnacle a more dynamic, efficient business however much still remains to be done. In BNA we have changed our recruitment processes so that at last we now have a good flow of qualified candidates."


"Our next focus is to develop our client base and forge new relationships with individual NHS Trusts within the new NHS PASA frameworks. Our ambition is to double the size of our nursing division through organic growth over the next three years. This will undoubtedly place strains on the business but we now have a firm base on which to build and look to the future with confidence."
"In the short term we are dependent on NHS Trusts continuing their use of agency nursing staff and the satisfactory introduction of the new national frameworks. The Company remains on track to be profitable in the second half of the year. However as we currently have a higher than anticipated cost base, we now expect to fall short of our target of reporting a small profit for the year as a whole."

In early trading Pinnacle shares were unchanged at 3 Pence.

 

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