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Pinnacle's loss rises

September 26 2008

Pinnacle Staffing Group PLC said today its net loss rose to GBP6.3 million (US$12.4 million) in the first half of its fiscal year ended July 6. The healthcare staffing firm, based in Luton, England, posted a net loss of GBP223,000 in the same period in the previous year.

Revenue declined 9.8% to GBP19.9 million (US$39.5 million) in the first half. Gross margin slipped to 18.7% from 19.0%.

Pinnacle said temporary healthcare workers have become more difficult to find because the rate difference between temporary and permanent positions at the United Kingdom's National Health Service have decreased. In addition, the company said the U.K. has a shortage of qualified and experienced professionals.

Pinnacle had announced Thursday its CEO and several board members stepped down. It also appointed David Hope as chief operating officer. Pinnacle was formed in September 2006 after it spun off from Nestor Healthcare Group PLC.

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