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Australian recruitment services firm Rubicor Group (RUB: ASX) released a market update for the first half of the financial year. Trading conditions remain soft, particularly in October and November.
Based on the company’s management reports to the end of October, the Board has issued guidance that underlying EBITDA for the first half of the year ending 31 December 2013 will be in the range of AUD 400,000 (USD 366,780) to AUD 700,000 (USD 641,865).
This compares with underlying EBITDA of AUD 1.3 million (USD 1.2 million) for the same period last year. For the full year ending 30 June 2013, the company achieved an underlying EBITDA of AUD 1.6 million (USD 1.5 million).
The current forecast assumes no significant changes in market conditions for the remains of this half year.
In trading today, the company’s share price fell by -10% to AUD 0.04 (USD 0.03), an increase of +350% compared with a year ago. Based on its current share price, the company has a market value of AUD 3.98 million (USD 3.6 million).