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Pinnacle Expects A Small Profit

Pinnacle Expects A Small Profit

Pinnacle Staffing Group plc, the healthcare recruitment group, has provided an update on trading for the six months to 5 July 2009 ahead of the announcement of its interim results on 24 September 2009.

The Nursing Division, which comprises the BNA branches and the Mayfair and Grosvenor brands, has delivered returns in line with budget. Good progress at some BNA branches has unfortunately been offset by weak performances in others. Several new branches are currently being opened in areas of potentially strong demand and the underperforming areas are receiving attention. BNA's contract with the Bristol and Weston NHS Purchasing Consortium commenced satisfactorily in April, although subsequent revenue growth has been below expectations. This contract, although unlikely now to make a significant contribution to profitability, is of great importance in demonstrating the substantial cost-savings achievable by NHS Trusts under the PASA frameworks.

Our doctors recruitment business has grown steadily since new management was introduced last year and has benefited from increased demand for junior doctors due to the requirements of the European Working Time Directive. Medical Services continues to perform poorly, mainly due to the lack of investment in recent years in developing a recruitment pipeline to bring qualified overseas candidates to the UK.

The results for the six month period to 5 July 2009 are expected to show turnover slightly lower than in the comparable period last year at approximately 19.3 million producing a pre-tax loss in the region of 425,000 which is in line with the Board's expectations. A higher level of turnover is anticipated in the second half of the year and the Board still expects to be able to report a small profit for the year as a whole.

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