2008 in Review
WOW! Unless you are 80 years old, 2008 was probably the worst economic year you have ever seen. Detroit was hit even harder, bringing iconic companies like GM and Chrysler to the brink of bankruptcy. Halo Group was certainly not immune to these events as revenues were down slightly for 2008. As a company we made some very tough decisions which included reducing staff and cutting costs to ensure that the organization remains healthy for the future.
On a more positive note, Halo Group ended the year with 43 active clients. This is an impressive and amazing testament to our hard-working associates. Client diversity means stability for the company as well as a variety of assignments for candidates and consultants. Our largest client in 2008 represented less than 10% of revenue with our average client only making up 2.3% of revenue. Given this broad client base, we believe the company is positioned to grow in all markets.
Every week we hear from clients and potential clients that the market for value-added IT services remains strong. We believe that our dual strategy for growth and diversification through continued new business development and geographic expansion is the right long-term strategy to capitalize on this market opportunity. We will continue to manage the company conservatively, while making necessary investments that we believe will pay off for our employees, clients and Halo Group in the future.