Highams Systems have released its financial results for the six months ended 30 September 2002. The company reported a turnover for the six month period of Ј5.6 million (2001 Ј9.7m), operating profit before group overheads was Ј430k (2001: Ј809k) and the loss before taxation was Ј212k (2001: loss - Ј370k).
The report said that as a result of careful control, the group’s cash position improved by Ј252k during the period and at 30 September 2002 the group had cash balances of Ј878k.
The chairman's statement highlighted Higham’s general overview of the first six months:
“The Group's strategy is to focus on its niche business areas in IT recruitment, primarily in the financial services industry, and in the provision of factoring software. Given the level at which the IT market now finds itself, we continue to concentrate on maintaining control of, and managing down, our costs and overheads, both at Group and the operating subsidiary level.
