Hamilton James & Bruce Group Limited (ASX:HJB), Australia's 37th largest commercial & professional services company by market capitalisation, is restructuring due to financial difficulties.

Hamilton James & Bruce Group announced that the company has experienced a downturn in fee income and, as this has continued for most of the current financial year (ending in June 2013), the company was generating losses.

For the last full year of trading (to end of June 2012), the Company saw revenues declining by -11% to AUD 49.4 million (USD 49.9 million) but did manage to achieve a profit of AUD 627,000 (USD 634,000). Executive Director & CEO, Grahame Doyle, joined the Company last year having previously worked for Morgan & Banks and Hays.

The board has decided to restructure the business by closing the Canberra and Parramatta Offices, the two smallest of the offices operated by the company. Any existing sales relationships remaining will be managed from the Sydney head office. The closure of these offices has resulted in some redundancy costs both in these offices and the Sydney head office. However, the board believes this reduced cost-base and footprint, now consisting of offices in Sydney, Melbourne and Brisbane, will make the business leaner and more manageable. 

Hamilton James & Bruce recruits at the senior executive, management, operational and support levels and also provides temporary and contract senior level specialists for both short and long term  assignments. The company was founded in 1979 and listed on the Australian Stock Exchange in 2000.