News

World Careers Network profits up but conditions tough

07 November 2008 08:49:00

Online recruitment software provider World Careers Network saw profits for the year rise 11% despite tough conditions, though warned profit for the new year will be impacted.

Profit before tax for the year to July rose to £1.14m from £1.03m last year, with sales rising 10% to £5.15m due to new business and expansion of work with existing clients.

Competitive pressure and economic instability is a continuing risk for the company, it said. It is already seeing a reduction in demand for the services it provides and an increase in the competition for the business that is available.

Lower levels of activities will only be reflected in a marginal reduction in its cost base.

"The combination of these two factors alongside the recession in the UK and in most of the developed world will inevitably impact on our profits in the current year" said the group.

"It is impossible to assess the extent of this impact at this time but I expect to be in a better position to give some indication when we publish our interim figures," it added.

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