The specialist Engineering and Technology (IT & Telecoms) recruitment solutions business.
9-Nov-2017 – 310p – £97.9m – PER 8.56
Preliminary Results For The Year Ended July 2017 – Revenue up slightly, PBT down 20% or so (in-line with market expectations (apparently)). Dividend maintained but no increase.
A small lake in the middle of a forest in the middle of nowhere – I see this as quite stagnant with little chance of reasonable growth.
19-Apr-2018 – 193p – £57.7m – PER 5.19
Interim Results For The 6 Months To End January 2018 – Growth but not much of it, Dividend cut 50%. February and March broadly in-line but (Ouch!) expects FY PBT to be about 15% belowprevious expectations.
I remain Neutral for now.
2-Aug-2018 – 125.25p – £40.3m – PER 4.09
Trading Update For The 12 Months To End July 2018 – FY PBT expected to be broadly in-line, Net Debt will be £46m (the Market Cap is just £40.3m).
I was Neutral but considering the progress here and that huge Net Debt, this in now going on my Avoid list.
8-Nov-2018 – 131p – £44.7m – PER 5.5
Preliminary Results For The 12 Months To End July 2018 – Revenue up ever so slightly with Underlying PBT of £12.7m (2017: £16.1m), in line with market expectations – Year end Net Debt remains high at £40.9m (2017: £40.3m). No Final Dividend (in line with revised policy communicated at Interim Results).
Remains on my Avoid list (that Net Debt is just too high for my liking).
7-Feb-2019 – 111p – £35m – PER 4.6
Trading Update For The 6 Months To End January 2019 – Net fees up 2% with Net Debt down from £36m to £29m – FY in-line.
In this environment that Net Debt (coupled with pedestrian growth (reflected in the PER)) means I will be keeping this on my Avoid list for now.