News blog
Staffline Group
- BY: Andrew Hore |
- POSTED: 08/09/2009 |
Staffline Group maintained its interim profits despite a fall in revenues in the six months to June 2009.
Staffline supplies and manages staff on the sites of its customers. Revenues fell 11% to £49.1m and pre-tax profit was flat at £1.4m - helped by lower interest costs. The number of OnSites is unchanged at 112. New customers replaced any lost customers. Staffline does not tender for business at uneconomic rates.
Net debt fell from £5.9m to £4.2m over the six months to June 2009.
Staffline has acquired three businesses which will add around £10m to annual turnover but they made little contribution in the first half.
Demand from food companies is resilient and there are signs of increasing activity by automotive sector customers.
House broker Altium is maintaining its full year profit forecast at £3.1m, down from £3.4m in 2008. Because the interim dividend was unchanged at 1.4p a share, Altium has upgraded its 2009 dividend forecast to 2.9p a share - the same as in 2008.
At 57p a share, Staffline is valued at £12.1m. The shares are trading on less than six times prospective 2009 earnings. The yield is 5.1%.
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