LONDON (ShareCast) - Recruitment firm Greatfleet moved to loss from profit in 2007 in what it described as a ‘difficult and unsatisfactory year.’

Greatfleet, which recruits staff for the legal, banking, and IT industries from offices in London, Frankfurt, Dublin and Edinburgh, posted a pre-tax loss of £1.7m, compared with profit of £1m the year before. Revenue fell to £10.3m from £11.4m.

Bad accounting, leasehold properties being left vacant, payments to staff which were not performance related and serious staff underperformance were among the problems to plague Greatfleet during the year.

It completed a review in November and has changed its structure and board make-up.

“Through the restructuring and supported by a strong new management team, we have created a solid platform on which we can now build the business organically and through acquisition,” chief executive Colin Gerstein commented.

“The company is now well placed to expand and with continued hard work it can look ahead with some confidence.”

• News Channel