News blog
Servoca
- BY: Andrew Hore |
- POSTED: 10/06/2009 |
Servoca was the second biggest Aim riser on 10 June 2009.
The shares jumped 5p to 17.5p each, which values Servoca at £19.4m. That is more than double the 8p a share at which Servoca raised £5m in March 2009.
The educational, healthcare and police recruitment and services provider reported an 83% increase in revenues to £30.1m in the six months to March 2009. This helped Servoca move from a loss of £363,000 to a profit of £856,000. Stripping out the profits and losses on closed businesses the swing from loss to profit was even sharper - £569,000 loss to £1.19m profit.
House broker FinnCap forecasts a swing from a loss of £200,000 to £2m in the year to September 2009. The teacher recruitment business is stronger in the second half. Net debt is expected to be £1.16m at the end of September 2009. The company is still using up its tax losses so there should still be a nil tax charge.
The shares are trading on around eight times prospective 2008-09 earnings or 11 times fully taxed earnings.
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