February 11, 2020 / 8:05 AM / 8 days ago

BRIEF-Nakama Says Trading To Date For Year Ending 31 March 2020 Broadly In Line With Expectations

Feb 11 (Reuters) - Nakama Group PLC:

* NAKAMA GROUP PLC - TRADING TO DATE FOR YEAR ENDING 31 MARCH 2020 HAS BEEN BROADLY IN LINE WITH MANAGEMENT’S EXPECTATIONS

* NAKAMA GROUP PLC - DURING FINAL QUARTER OF FINANCIAL YEAR GROUP HAS ENCOUNTERED A NUMBER OF CHALLENGES

* NAKAMA - DUE TO CURBS ON MOVEMENT OF PEOPLE, FIRMS CHOOSING TO DELAY START DATES OF NEW HIRES UNTIL FULL IMPACT OF CORONAVIRUS IS DETERMINED

* NAKAMA - FIRMS CHOOSING TO DELAY START DATES OF NEW HIRES DIRECTLY IMPACTING REVENUE RECOGNITION FOR GROUP

* NAKAMA GROUP PLC - RECRUITMENT ACTIVITY GENERALLY HAS BEEN IMMEDIATELY IMPACTED BY EFFECTS OF CORONAVIRUS

* NAKAMA - WHILE HEADCOUNT HAS DECREASED YOY, BOARD BELIEVES REDUCTIONS NECESSARY IN ORDER TO BRING COST BASE IN LINE WITH REVENUE

* NAKAMA - CASH POSITION REMAINS SEVERELY CONSTRAINED & CO FACES SHORT-TERM CASH CHALLENGE UNTIL FULL IMPACT OF COST REDUCTIONS COMES THROUGH

* NAKAMA - CONSIDERING ALTERNATIVE SOURCES OF FUNDING, BUT GROUP STILL URGENTLY REQUIRES INJECTION OF CAPITAL Source text for Eikon: Further company coverage:

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