A trading update, released yesterday, reveals the group expects to announce annual results for the year ending 31 March 2018 at the beginning of August 2018, with directors anticipating revenue for the year to be in the region of £16m (2017: £21.5m) and net fee income of around £5.5m (2017: £6.2m), with the NFI decline resulting in a “significant loss” for the financial year.

The group adds upon the release of the interim results on 28 November 2017, it had expected an improvement in trading during the second half of the year but this has not materialised, with the business continuing to see losses in Australia, Singapore and London, adversely affecting the group’s overall financial position.

According to the statement, the group’s new CEO Andrea Williams is also conducting a strategic review of the operating businesses and putting in place measures to stabilise the business, reduce operating costs and grow NFI, adding it will take time following the implementation of these measures before the group’s trading materially improves.

However, in concluding the group did say its directors remain confident that the restructuring of the business will enable the group to take advantage of the long-term growth opportunities in the data, analytics, digital, technology and creative recruitment market.