Sydney - Thursday - October 23: (RWE Aust Business News)...

Sydney - Thursday - October 23: (RWE Aust Business News) -
Ambition Group (ASX:AMB) said permanent placement revenue for the rest of
calendar 2008 is poor and profitability is therefore difficult to
forecast.
At this stage, having regard to the market conditions
particularly in the United Kingdom and in Asia, Ambition does not expect
to meet the AGM guidance of a $4 million profit before tax
It said, following a group management review last week, there is
concern that the recruitment sector is facing an increasingly difficult
trading environment, especially in the United Kingdom and in Asia where
Ambition has greater exposure to the banking and finance sector than in
Australia.
Following the massive instability in the global financial system
and the stock market decline, a number of large banking organisations
have imposed either formal or informal hiring freezes.
Ambition has also seen the widely reported volatility adversely
influence hiring intentions of other non-bank financial services clients.
Ambition has taken positive action to respond to deteriorating
market conditions in the affected markets by addressing both costs and
revenue, in the latter case by diversifying the sectors in which services
are offered, such as the industry/commerce sector in London.
Whilst trading in Australia has not been as severely affected to
date, management is actively responding to changes in market conditions.