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UK – Savile cautious on outlook

30 October 2012

The HR and consulting firm Savile Group (SAVG:LSE) met on Monday to hold its annual general meeting at which the company announced a brief trading update that remains cautious in its outlook after a subsidiary was recently forced into liquidation.

“We have experienced a slow first quarter as broadly experienced by our competitors. Activity levels have since increased, but we remain cautious as the markets in which we operate remain challenging,” the company said.

“Our focus remains ensuring the business is in the right shape to deal with the uncertainties in the market and to be able to develop opportunities for growth.”

Last month, Savile reported that full-year revenue was down by -3% and the firm made an operating loss of £102,000. During the financial year one of the group’s subsidiaries, 7 Days Limited, was forced into liquidation with the firm encountering a charge of £1.14 million.

Non-executive chairman David Harrel then spoke of a “challenging year”. The firm is now looking into a more “appropriate structure” for the group.

Savile operates two main business segments, career transition services and talent management. The firm has a current market value of £1.41 million.

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