Irish recruitment firm Marlborough International said today it was expecting to post a pre-tax loss for the six months ended August 31st because of a deterioration in revenues.
The announcement will be announced toward the end of November.
Marlborough added that because of its performance and the general economic downturn it is taking "aggressive action" to further reduce its cost base and has therefore reduced staff by 30 per cent since the end of the last financial year on February 28th.
In a trading update, Marlborough International said the deterioration follows a significant downturn in some of the markets in which it operates - particularly Irish IT and technical sectors and the London financial services market.
It added it has been witnessing this downturn since releasing its results for the year ended February 28th on June 15th.
The company said there is significant uncertainty in all of the markets in which it operates and it is not clear what level of activity might be expected in the period to February 2002.
The company also said the management team led by chief executive Mr David McKenna has had talks with potential finance providers for a buy-out are continuing and a definitive announcement should be made soon.
AFP