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UK recruiter Savile Group (SAVG:LSE) experienced difficult trading conditions in the first half of 2012, with like-for-like income falling -20% from a year ago, the firm reported on Tuesday in a brief trading update.
Reorganisation costs have added to the loss and the board now expects to report a “significant” loss for the 6 months ended 31 December 2012. The poor trading also impacted the firm’s cash at bank.
But looking ahead, the staffing firm is more optimistic. “We are pleased to report that 2013 has started on a more positive note and the directors expect improved performance in the second half of the year to 30 June 2013 compared to the first half,” the company said.
Savile acquired Career Management Consultants Limited (CMC) last May. Since then the firm has reviewed all areas of the CMC, Fairplace and Cedar businesses which merged their brands. The firm has implemented a “transformation plan” to integrate operations and the majority of the costs, including redundancies, have been incurred in the first half of 2012, said the company.