Nakama Group Plc Updating on trading and current financial position (4605J)

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct 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 [e-mail] or visit www.rns.com.

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April 14, 2020 02:00 ET (06:00 GMT)