Healthcare recruiter Pinnacle Staffing Group has made a pre-tax loss of £5.68m, according to half-year results for the period ending 4 July 2010.   

The group’s results reveal:

• pre-tax loss of £5,688,000 (2009: £137,000)
• turnover from continuing operations was £4m (2009: £1.7m)
• loss from continuing operations of £808,000 (2009: £929,000)
• net cash of roughly £500k.

Tom Charlton, executive chairman, says: “The first half of the year has been devoted to searching for a buyer for the company at a time of deteriorating financial performance. In the time available, no offer for the company which could be put to shareholders was forthcoming.

“Subsequently the board decided to sell the agency nursing and medical services businesses to Arabella Health Staffing for £2.75m. The sale was completed on 6 September  and the sale proceeds were used towards repaying the invoice discounting facility and reducing the outstanding current liabilities. 

“The company still owns the sales ledger relating to work done by the sold businesses up to the date of completion and good progress is being made in collecting the amounts outstanding.

“The doctors businesses are maintaining a steady growth rate and are currently planning the next stage of their expansion. We will look for suitable bolt-on opportunities for both the doctors businesses and our compliance monitoring activities.

“There remains much to be done to minimise the ongoing commitments and obligations relating to the discontinued businesses, however this will be a key focus over the next few months as we seek to maintain the value within the company.”