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Gattaca records first-half loss; furloughs more than a third of workers

By BFN News | 03:00 PM | Friday 27 March, 2020


Specialist engineering and technology recruitment group Gattaca swung to a first-half loss after net fee income fell and it shuttered its Chinese operations. Net losses for the six months through January amounted to £0.65m, compared to a profit of £0.93m on-year. Revenue from continuing operations dropped 7.6% to £297.9m, while continuing underlying profit fell 60% to £2.7m. UK engineering fee income fell due to challenging market conditions, the company said. UK technology income sank 25%, which the company said was attributable, in part, to a strategic 20% reduction in headcount following a restructuring of the business. Gattaca did not pay an interim dividend. With regards to Covid-19 the company said it was currently experiencing a significant reduction in permanent placements and a reduction in active contractors of about 20% from pre-Covid-19 levels. Gattaca said over a third of its UK workforce had been placed into the government's Coronavirus Job Retention Scheme. At 3:00pm: (LON:GATC) Gattaca PLC share price was -7.45p at 36.55p Story provided by StockMarketWire.com

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