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UK – Work Group reports strong balance sheet

19 January 2012

Ahead of its close period, Work Group plc (WORK:LSE) reports gross profit (net fee income or NFI) for the year ended 31 December 2011 was 13.1 million Pounds, +5.2% up on the corresponding period last year. 

In a trading update issued today the company stated that “The balance sheet remains strong with no debt and net cash of 1.3 million Pounds (2010: 1.8 million Pounds). Consequently, management is confident that its financial performance will be in line with market expectations.”

The staffing firm also said it remained confident of its two main businesses, Armstrong Craven and Work Communication through which it operates in the UK, Asia and the US. 

The principal activities of the Work Group plc are employer marketing, communications and talent management services. Consensus estimates put sales at 21.4 million Pounds for the year ended December 2011 which would imply a decrease of 6% on 2010 results. The Company expects to announce its preliminary results for the year ended 31 December 2011 on 15 March 2012. 

In early trading, Work Group’s shares remained down just under -1% at 15 Pence (down -5% on the year before) and valuing the company at 4.19 million Pounds. 

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