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I Love Mondays: The autobiography of Sir Alec Reed CBE by Judi Bevan, Alec Reed

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CHAPTER 7Medicare

FOR THE FIRST ELEVEN YEARS when we were a private company, I had developed Reed pretty much as my fancy took me. If I thought a magazine was a good idea, then I started one; if an idea failed to work out, then I cut my losses and went on to the next thing. Now, along with a quoted share price I had to face the scrutiny of shareholders, stock market analysts and the financial press, all of whom wanted continued growth year in year out.

Our biggest problem was that the general employment agency business waxes and wanes almost exactly in line with the overall economy. In the good times our profits soared, but in recessions we plunged into loss. The nursing agency was more stable than the rest of the business but it was not big ...

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