News blog
Servoca
- BY: Andrew Hore |
- POSTED: 30/01/2012 |
- COMMENTS: Add yours
Market conditions in public sector recruitment remain tough and Servoca has not been immune in the year to September 2011.
Revenues declined from £50.2m to £47.9m and underlying profit slipped from £2m to £1.8m. Recruitment is still two-thirds of revenues even though the outsourcing division increased its contribution by 66%. The profit contribution of the outsourcing division is nearly as high as recruitment and it will take over as the main profit contributor this year with recruitment unlikely to contribute much in profit terms.
The decline in recruitment came from the doctors and education businesses, although the supply teacher business is doing better than permanent teacher recruitment. Nursing revenues held up better than those in the other areas.
The outsourcing division offers domiciliary care and security services. The care business has doubled in size and outsourcing margins have risen sharply.
Net debt has fallen from £3m to £2.8m in the year to September 2011. It could fall a similar amount to £2.6m this year.
At 5.75p a share, Servoca is valued at £7.22m.
House broker finnCap believes that profit will fall to £1m in the year to September 2012. The shares are trading on just over eight times prospective earnings for 2011-12.
Hawk Investment has bought 125,000 shares at 4p each and 1.4m shares at 5p each. Bob Morton-related investors now own 59.8% of Servoca.
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