AIM listed training and corporate advisory minnow Savile Group narrowed losses in the twelve month period ending May 2012 but saw its share price plunge 16.7% to 10p. The Company, which has a market capitalisation of just £1.6m, has seen its share price fall almost 90% from its September 2009 peak of 86p.
The Company generated revenues on continuing operations of £7.4m (2011: £7.2m) in the period. Operating losses on continuing activities before exceptional items and tax were £40k (2011: Loss £305k), but exceptional losses of £62k and losses of £1.14m on the discontinued 7 Days business sent losses before tax spiralling to £1.23m (2011: Loss £1.156m).
The Company had net cash of £1.04m at the year end and no debt and free cashflow was broadly neutral.
David Harrel, Non-Executive Chairman of Savile, commented: “The Group made a small operating loss on continuing operations and has written off its investment in 7 Days Limited. The career transition business held up in the year but, although opportunities in senior advisory services remained reasonably constant throughout the year, there was a slow down towards the year end in the conversion of these opportunities as projects were delayed."
"During the year the Group repositioned the Fairplace and Cedar brands and with the acquisition of CMC, has undertaken a transformation project to ensure we have the most effective operations for the businesses within the Group. The board is also considering the most appropriate structure for the Group,” he added.
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