Whitehead crisis continues

23-11-2004

The crisis at Whitehead Mann rages on, with the news that the headhunter has recorded an interim pre-tax loss and halved its dividend.

After some awful results in the six-month period ended in September, the company has played down prospects for the second half of the financial year.

Turnover fell to from �30.3m to �26.9m and the firm lost �8.9m before tax, compared with a �3.6m profit in the same period last year.

Much of the fall in revenue came from the company's disastrous attempts to expand into the US market, which alienated many if Whitehead's consultants in the country and caused them to walk out.

Managing director Chris Merry is now in charge of the firm, after last month's sacking of chief executive Stephen Lawrence.

Shareholders will receive a dividend of 1.5p per share, compared with 3p per share last year.

Richard Staines
RECRUITER

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