IT recruitment group, Eurolink Managed Services, has blamed Y2K slowdown for its poor year-end results, released last week.
In a statement issued by chairman David Mann, the company admitted to a 60 per cent drop in pre-tax profits, from £845,000 in 1999 to £340,000 for the period ended 31 March 2000. Its turnover also fell by almost nine per cent during the last financial year from £8.32m to £7.60m.
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Despite the results, Mann says Eurolink has noticed an upturn in business and is working towards positioning itself as a "cost-effective source of professional teams for IT development".