Staffline (STAF)

Staffline STAF Logo

The Staffing and Employability organisation

3-Jan-2018 – 1010p – £281.3m – PER 8.47

Trading Update For The Year Ended December 2017 – In-line, Revenue up circa 9% to £882.4m (in-line with market expectations) but slightly below (our) £1b target.

Looks reasonably priced here for those with an appetite for the sector – A technical Stop around the 950p level looks prudent.

24-Jan-2018 – 1006p – £280.2m – PER 8.57

Audited Results For The 12 Months To End December 2017 – This looks like a slight miss to me, Revenue is up 8.5% to £957.8m but underlying PBT (£36.3m) was below that of 2016. Note, the CFO has been promoted to CEO and a new CFO has been brought in.

I still see this as just reasonably priced and will remain Neutral.

17-May-2018 – 970p – £270.1m – PER 8.28

AGM Statement – In-line.

Perhaps slightly under priced? Anyway, I will remain Neutral.

4-Jul-2018 – 933p – £260.7m – PER 7.92

Trading Update For The 6 Months To End June 2018 – In-line.

I remain Neutral.

25-Jul-2018 – 1052p – £299.6m – PER 9.09

Interim Results For The 6 Months To End June 2018 – Revenue up 12% with Underlying PBT down 6.8% and Underlying Diluted EPS down 5.8%. Expecting to meet 2018 expectations.

I remain Neutral here.

8-Jan-2019 – 1250p – £349m – PER 10

Trading Update For The 12 Months To End December 2018 – Expected to be in-line but Net Debt has almost doubled here (from £36m to £63m).

Attractions here but just not enough for me – Still wary of the sector.

30-Jan-2019 – 1000p – £279m – PER 8.1

Delay To Publication Of Results – The Company announces that publication of the results for the year ended 31 December 2018 has been delayed. The presentation for analysts previously scheduled for 9.30am on Wednesday 30 January and the presentation for private investors scheduled for 3.00pm on Thursday 31 January 2019 will be rescheduled.

A little worrying – Perhaps!

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