Savile Group reveals first half losses but promises a more positive second half of the year.
Savile, the UK human resources consulting group, which helps blue chip organisations improve business performance through the development of their people, has announced a trading update.
The Group experienced difficult trading conditions in the first half, with like for like income, excluding the CMC acquisition, around 20% below the same period in 2011 (6% above last year including CMC), with demand in the first quarter being particularly slow due to the effect of the Olympics. In addition, reorganisation costs, as further described below, have added to the loss. Accordingly, the Board are expected to report a rather significant loss for the 6 months ended 31 December 2012.
Since acquiring CMC Limited in May last year the Group has undertaken a review of all areas of the CMC, Fairplace and Cedar businesses and has formulated and implemented a transformation plan to wholly integrate operations and improve efficiency. A large portion of the costs associated with the plan, including redundancies have been incurred in the first half of the year.
The poor trading and significant losses incurred in the 6 month period to 31 December 2012 has impacted upon the Group's cash at bank.
The Group reports that 2013 has started on a more positive note and the Directors expect improved performance in the second half of the year to 30 June 2013 compared to the first half.
The Group expects to release its interim results for the 6 months trading to 31 December 2012 on or around 25th March 2013.
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