Clarius Group publish details for half year ending 31 December
The one-off costs of $0.2M before tax are a result of ongoing restructuring of the Group’s cost base, yielding annualised savings of $0.8M before tax.
Kym Quick, managing director, said, “The first half of financial year 2014 has continued to present some of the most difficult trading conditions that we and the wider recruitment industry have seen. Combined with a still lacklustre local permanent recruitment market, we also saw the flow on effect of the markets cautiousness in contracting revenues. The restructuring activity from last financial year has yielded the expected cost savings however the market decline has been more pronounced than anticipated. There has been positive sentiment following the Federal election however little increased hiring activity as we lead into what has historically been a quiet period due to the impending holiday season.”
“Our Asian business expansion strategy continues to deliver positive outcomes with China revenue growth on target and now delivering ongoing profits. We expect with further productivity gains and expansion opportunities, this region will continue to contribute profitable results.”
“As highlighted in our published strategy, the focus for the second half of financial year 2014 is on revenue growth, both from traditional business lines along with development of technology driven business solutions. With the finalisation of the business IT transformation roadmap in early 2014, we anticipate the introduction of further cost savings initiatives along with the creation of more diversified revenue streams.”
The company’s Balance Sheet remains strong with little to no debt expected at half year end.