Numerica scrambles to save cost base
Numerica's newly appointed FD hopes that a reduction in headcount and its new corporate structure will see the company move back to profitability next year.
Link: Numerica unveils poor results
Adrian Colman, Numerica’s group FD as of last week, said the company’s improved cost base could be the measure that brings profits back to the listed accountancy consolidator.
In its results last week, the company revealed losses of £300,000 before goodwill and amortisation, and £4.2m after those factors were taken into account. ‘Hopefully that draws a line under what was quite a turbulent year last year,’ said Colman.
Numerica’s plc remains, but it is now just one of the constituent partners in a reintroduced limited liability partnership.
Colman believes that a ‘dramatically improved’ cost base and renegotiated supplier contracts will help Numerica back to better health. ‘We will be judged by our results in the next six to 12 months,’ he said. ‘There are new challenges for us.’
Colman takes over the FD’s position from Peter Jenkins, who became chief executive on the departure earlier this year of Numerica founder Tony Sarin. Jon Lisbey was appointed managing partner of Numerica LLP.