StockMarketWire.com - Savile Group reports that it has moved back into profit on continuing activities in the first half of the financial year.
The human resources consulting group's unaudited revenue on continuing activities in the six months ended 31 December 2011 was £3.60m (2010: £3.47m) and profit before tax on continuing activities was £0.07m (2010: Loss £0.28m).
Net assets at 31 December 2011 were £2.00m (2010: £3.95m) including net cash of £0.76m (2010: £1.17m). The Group has no debt.
The closure of 7 Days in October 2011 has resulted in a charge for discontinued operations of £1.07m in the six months ended 31 December 2011. Details of this are given in note 3.
In July 2011 the Fairplace and Cedar activities were combined to create a more robust and focused business and in September 2011, Penny de Valk joined as CEO to lead this business and its team. As part of Penny's ongoing restructuring she has recently recruited a head of business development and a head of practice to help move the business forward.
The trading environment remains challenging but the board believe the restructured Group is taking steps to meet these challenges.
At 9:54am: (LON:SAVG) share price was +1.5p at 11p
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