Pinnacle Staffing’s full year loss appears to be lower than originally expected.
Pinnacle said that the loss would be around £1m, excluding depreciation and amortisation. The reported pre-tax loss was £7.21m, which included total amortisation and depreciation charges of £6.61m. That leaves a loss of £600,000.
That might be why the share price rose 0.375p to 2.625p each, which values Pinnacle at £2.3m.
Management believes that better utilisation of assets, such as the branch network, will help Pinnacle move back into profit. The BNA brand is being promoted and other existing brand names will also be developed further.
Net debt was in line with expectations at £2.2m. The executive chairman’s personal guarantee should not be needed after May 2009. The invoice discounting facility is due to be renewed in September 2009.
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