News blog
Prime People
- BY: Andrew Hore |
- POSTED: 08/06/2009 |
Prime People has reported full year figures below expectations.
Even so, the shares recovered 3p to 21p each, which values the property and construction professional recruitment company at £2.53m. The shares have lost nearly three-quarters of their value over the past 12 months.
Net fee income fell by one-quarter to £10.4m in the year to March 2009. Contract and temporary income was slightly higher but there was a sharp fall in income from permanent recruitment – which is less predictable but higher margin. International revenues increased from 24.7% to 30.7%. Profits dived from £2.43m to £727,000. There is no dividend this year. Net cash was £1.79m at the end of March 2009.
Hoodless Brennan head of research Julian Tolley reckons that this year’s profits will be around £300,000. That means that the shares are trading on a prospective multiple of 13.
Cenkos was appointed as nominated adviser and broker in May 2009.
Prime People intends to get rid of its smallest shareholders via a share consolidation and purchase of holdings of 500 existing shares or less.
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