Nakama Group Plc Updating on trading and current financial position (4605J)
14 Abril 2020 - 1:00AM
UK Regulatory
TIDMNAK
RNS Number : 4605J
Nakama Group Plc
14 April 2020
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
14 April 2020
Nakama Group plc
("Nakama" or the "Group")
Updating on trading and current financial position
Nakama (AIM: NAK), the AIM quoted recruitment consultancy
working across the UK and Asia providing recruitment and related
services for the web, interactive, digital media, IT and business
change sectors, today updates shareholders on its current trading
and current financial condition.
As announced on 11 February 2020, the final quarter of the
Group's financial year ended 31 March 2020 has seen a number of
challenges for the Group, specifically in relation to the COVID-19
outbreak and, in the UK, the new tax regulations surrounding the
implementation IR35, which have now been delayed. The impact of the
COVID-19 outbreak has had an immediate impact on trading in both
the Group's Hong Kong and Singapore businesses during the last
quarter of the financial year ended 31 March 2020.
As a result, the Group's trading outcome for the financial year
ended 31 March 2020 will be marginally below management's
expectations. The COVID-19 outbreak has now seen a marked impact on
the trading of the UK businesses too and this will adversely impact
the new financial year.
The Group's management have taken every step and opportunity to
secure the future of the business and is currently exploring using
various Government back initiatives to further support the
business. The Group's cash position remains tight but the Board is
confident that the business can continue to operate financially
during the current COVID-19 crisis.
The Board will make further announcements in due course.
Enquiries:
Nakama Group plc www.nakamaglobal.com
00 44 20 7236
Tim Sheffield, Chairman 2400
00 44 20 3588
Robert Thesiger, Chief Executive Officer 4560
Allenby Capital Limited (Nominated
Adviser & Broker)
00 44 20 3328
Nick Naylor / Nicholas Chambers 5656
Notes to Editors:
Nakama Group plc is a recruitment group of two branded solutions
placing people into specialist and management positions:
-- Nakama operates in the digital, creative, media, marketing
and technology sectors all over the world from offices in the UK
and Asia; and
-- the Highams brand specialises in the Financial Services
sector, specifically Business Change and IT in Insurance and Wealth
Management currently in the UK and Europe.
Nakama Group plc was created in October 2011 through the
acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong and
Singapore by AIM listed Highams Systems Services Group plc.
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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