News blog
Staffline Group
- BY: Andrew Hore |
- POSTED: 07/07/2009 |
Staffline Group says that trading is in line with expectations and cash collection has improved.
Staffline supplies and manages staff on the sites of its customers. It is benefiting from its previous cost cutting which is offsetting declines at some customers. Automotive is a particularly weak sector.
Staffline has acquired a business called The Workplace, which has three on site operations. Two of these operations are with food businesses.
Staffline also agreed to take on the operations of Bridge Contract Services when it went into administration. Staffline is getting a fee to collect old debts.
The cost of the acquisition and taking on the bridge business were relatively modest. Net debt has fallen by £1.8m to £4.3m at the end of June 2009.
Shares in Staffline rose 1p to 40.5p a share, which values the recruitment company at £8.6m.
House broker Altium is sticking with its 2009 forecast of £3.1m, down from £3.4m in 2008. The broker believes that there is some additional buffer to that forecast coming from the newly added operations. The shares are trading on four times 2009 prospective earnings. The dividend is expected to fall slightly this year but, at 2.7p a share, the prospective yield is still 6.7%.
The interim figures will be published on 8 September 2009.
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