Staffline (STAF)

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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.

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