02:00 Mon 21 Sep 2020
Nakama Group Plc - Trading Update and FY Results deadline extension
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR")
21 September 2020
Nakama Group plc
("Nakama" or the "Group")
Update on trading and current financial position
Extension of reporting deadline for publication of audited accounts for year ended
Nakama (AIM: NAK), the AIM quoted recruitment consultancy working across the
As with most businesses, 2020 has been a challenging and unprecedented period for Nakama. Since
Trading update
The impact of the COVID-19 pandemic had an immediate and significant impact on the Group's trading activities since the start of 2020. Revenues in all the Group's businesses have declined on the comparable period for 2019 and this has had a material impact on the Group's cash and financial position. For the year ended
Since
Nakama continues to focus on digital, technology and transformation recruitment which means we are well positioned with our clients and candidates as these roles are becoming increasingly critical to corporate strategy. The Nakama board remains confident that the business is ready to take advantage of any market improvement in the future.
Financial position
The Group has utilised a number of government initiatives in the
The Group's cash position at
The lasting nature of the pandemic and associated business uncertainty will, in the opinion of the Nakama board, continue throughout 2020 and trading activity at all of the Group's businesses will continue to be affected in a negative way. As the various government support schemes are ended the Group will face a number of trading and cashflow challenges and without access to additional capital the Group's working capital situation may deteriorate.
The Nakama board will continue to manage the Group's businesses in accordance with market conditions and will give further updates accordingly.
Annual report and accounts
Due to the COVID-19 pandemic, Nakama will not be able to post its annual audited report and accounts for the financial year ended
The Company has been granted an extension of time to file the Annual Report with the Companies House until
Enquiries:
Nakama Group plc |
|
|
00 44 20 7236 2400 |
|
00 44 20 3588 4560
|
Allenby Capital Limited (Nominated Adviser and Broker) |
00 44 20 3328 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
· the Highams brand specialises in the Financial Services sector, specifically Business Change and IT in Insurance and Wealth Management currently in the
Nakama Group plc was created in
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE