Hamilton James & Bruce Group Ltd Issues FY 2012 Guidance; Changes Accounting Period

Hamilton James & Bruce Group Ltd announced that the Board expects the unaudited after tax losses for the 24 weeks ended December 16, 2012, to be AUD 1.178 million. The audited after tax profits for the six months ended December 2011 was AUD 1,047 million. The after tax profit/losses are not comparable due to the different accounting periods. It should be noted that from July 1, 2012, the Company changed its revenue recognition policy for "permanent" placements from a "30 days prior to Start Date" policy to an "Actual Start Date" policy. The Company has also changed its accounting period from 12 months to 13 periods of four weeks duration each (52 weeks). Thus the half yearly accounts are for 6 periods (24 weeks) ending December 16, 2012, i.e. from July 1, 2012, to December 16, 2012.