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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hat Pin | LSE:HTP | London | Ordinary Share | GB0030348576 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Trading Statement Hat Pin plc Trading Update Hat Pin plc, the international human resources group, today announces the following trading update ahead of the announcement of its preliminary results for the year ended 31 December 2007 in March 2008. Key facts * Strong performances from acquired businesses: Akamai Financial Markets, Saxton Bampfylde and Executive Access India* * Poor performance from legacy firm: The Talent Business was loss-making in second half * Overall group profitability materially impacted by The Talent Business resulting in profits for the year falling below market expectations o Former CEO of The Talent Business has left the company and new leadership installed * Group well positioned for 2008 o Approximate profits split - 70% Asia & the Far East, 30% UK o Increased healthy exposure to less cyclical public sector markets * Executive Access figures for last five months of 2007 Trading Update Trading has been above management expectations in Akamai Financial Markets, Saxton Bampfylde and Executive Access India, all of which have been acquired by Hat Pin over the past two years. Performance in The Talent Business, the original Hat Pin operating company, has deteriorated since the interim announcement and, despite a rally between September and November, suffered a decline in December 2007. As a consequence The Talent Business has performed significantly below management expectations for the period as a whole. Group profitability for the year has been materially impacted by the performance of The Talent Business and is now expected to be around 25% below market expectations. The Board has considered all available options to redress the trading position of Hat Pin and concluded that the optimum route to create shareholder value is to continue with its strategy of diversifying group revenue streams, grow its profitable businesses and change the leadership team of The Talent Business to refocus and restructure operations. In the UK, performance in late December and early January demonstrated some weakening. The Directors believe that this is likely the result of deteriorating economic conditions. This was apparent through the high level of income deferred into quarter 1 2008 and modest pricing pressure. However, following the refocusing and restructuring of The Talent Business, the Board believes that Hat Pin will be well positioned with approximately 70% of profits coming from Asia and the Far East, and the majority of its 240 staff located in this geographic region. The Group also has a healthy exposure to the public sector marketplace through Saxton Bampfylde (augmented by last year's acquisition and integration of KPMG's executive search team). The Talent Business Following 2007's significant investment in the rebranding, reorganisation, geographic expansion and US relaunch of The Talent Business, trading in the second half of the year has been very disappointing. Despite considerable efforts by the senior management team, supported by the Hat Pin Board, actions taken in the second half failed to deliver a more favourable performance outcome for 2007. This in turn led to a deterioration of working relations between the Hat Pin Board and the former CEO of the business, Gary Stolkin, who has now left The Talent Business. With immediate effect, Mike Brennan, executive director of Hat Pin and formerly CEO of Akamai Financial Markets, has been appointed Chairman of The Talent Business with a brief to refocus the business and install an appropriate management structure. Commenting on developments, Angela Campbell-Noë, Chief Executive of Hat Pin plc, said: "The Board has taken decisive action to resolve the unacceptable trading performance of The Talent Business. "While disappointed with the overall group result, we are delighted with the strong performances of Akamai Financial Markets, Executive Access India and Saxton Bampfylde. All of these businesses out-performed expectations and start 2008 with a healthy pipeline. "The Board therefore believes that Hat Pin is now well positioned in 2008." ENDS For further information please contact: Hat Pin plc +44 (0)20 7438 8600 Terry Hitchcock, Non-Executive Chairman Angela Campbell-Noë, Chief Executive Paul Billett, Finance Director Arden Partners plc +44 (0)121 423 8943 Steve Douglas The Hogarth Partnership +44 (0)20 7357 9477 Julian Walker - ---END OF MESSAGE---
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