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Australia – Recruitment firm suspended from securities exchange

03 September 2013

Recruitment firm Hamilton James & Bruce Limited (HJB: ASX) have been suspended from official quotation by the Australian Securities Exchange (ASX). In a statement, the ASX advised that the securities of Hamilton James & Bruce were being suspended from the commencement of trading on 2 September 2013, following failure to lodge their periodic reports for the period ended 30 June 2013, in accordance with ASX listing rules.

In May 2013, the company announced that it would be restructuring following an ongoing downturn in fee income. In a letter to shareholders in June 2013, director and company secretary, Lancelot Fernandes advised that the company had determined that the ongoing cost of independent non-executive board fees were significant and not justifiable in the current market. As a result, two independent non-executive directors agreed to resign from the Board with immediate effect.   

In its last published results for the six months ending 16 December 2012, Hamilton James & Bruce revenues were AUD 20.0 million (USD 18.1 million), a decline of -26% of the same period in the prior year and the company made a loss of AUD 1.178 million (USD 1.06 million).

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

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