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IT-sector focused recruitment company Nakama swung to a modest annual profit after it exited the Australian market, saving costs.
Pre-tax profit for the year through March amounted to £0.35m, compared to losses of £1.48m on-year.
The return to profit came despite revenue falling 20% to £13.4m, primarily due to the Australian office closure.
'Trading so far this year has been in line with expectations, however, exceptional costs will be incurred as we continue the restructuring of some local offices,' chairman Tim Sheffield said.
'Attracting strong talent and building a higher performance culture takes time and therefore we remain cautious on increasing operating profit margin.'
'Our objective is to continue to focus on financial discipline and improving revenues and profit margins over the year ahead.'