Work Group – hard work…even if you can get it!
Interim results were probably much as anticipated but the negative outlook for the full year pushed the shares lower.
Net fee income was down 4% to £6.2m and they broke-even at an operating level before exceptional items and taxation. Unfortunately profit for the current financial year is now expected to be below current market expectations, although there weren’t really many expectation in the market!
The balance sheet is just about holding up with net cash at period end of £0.5m (2011: £0.6m).
Despite the headwinds the lowly valuation (Mkt cap is now £3m) may start to encourage interest.