reports
Hybridan Small Cap Feast - 30 July 24
30th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Mining, Minerals & Metals Plc (MMM.L) has completed the acquisition of Georgina Energy Plc and will now be trading on the London Stock Exchange under the name Georgina Energy plc (GEX.L). Georgina is an early-stage well redevelopment company which has ...
- Carl Smith
Staffline (STAF LN)
Staffline’s interim results show another resilient performance despite ongoing macro headwinds in the wider recruitment industry. Underlying operating profit is broadly flat year on year, with strong Recruitment GB and Ireland performances being offset by lower profit from PeoplePlus, as anticipated. With momentum in Recruitment GB and Ireland, we have increased FY24 underlying EBIT forecasts by 11%, albeit higher interest charges on working capital financing offset this at the underlying PBT le...
- Emily Liu
Hybridan Small Cap Feast 10-06-2024
10th June 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Carl Smith
- VRS RESEARCH TEAM
STAFFLINE GROUP PLC Flash Note
Staffline Group plc provides recruitment and outsourced human resource services. The Company specializes in supplying temporary and blue collar industrial workers and permanent placement in the engineering and consumer goods sectors. Staffline Group offers its services worldwide.
- Carl Smith
Staffline (STAF LN) - Outperforming peers
Key ruling sets out the ability to claim compensation for non-whiplash injuries alongside whiplash claims, without the quantum of damages being restricted by the Whiplash Injury Regulations, supporting the Group’s legal services division Bond Turner in pursing the optimal outcome for the claimants it represents.
- Carl Smith
Staffline (STAF LN) - Robust results
Staffline’s FY23 results present a resilient trading performance throughout tough market conditions. FY23 Adj. EBIT of £10.3m is 2.0% ahead of the £10.1m we forecast and, impressively, is broadly in line with our original £10.4m estimate set over a year ago in January 2023, testament to the Group’s resilient model and strong cost control.
Staffline Group: 2 directors
Two Directors at Staffline Group bought/maiden bought 331,470 shares at between 23p and 24p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over...
- Carl Smith
- Carl Smith
Audio Note: Staffline - Resilient business model
In this audio note, Zeus’ Carl Smith summarises the investment case for Staffline. Staffline’s H1 results show a good performance in challenging market conditions and the Group is on track to meet current market expectations for FY23, subject to its usual H2 weighting. Listen to the audio note below, and read the full research here.
- Carl Smith
- Mike Allen
Staffline (STAF LN) - Resilient business model
Staffline’s H1 results show a good performance in challenging market conditions and the Group is on track to meet current market expectations for FY23, subject to its usual H2 weighting. Therefore, Zeus underlying EBIT forecasts are unchanged, but we factor in the newly announced £4m share buyback programme which boosts EPS estimates. We reiterate our investment case that Staffline has a uniquely diversified platform across recruitment services, longstanding blue-chip clients, a robust balance s...
- Carl Smith
- Carl Smith
- Mike Allen
Staffline (STAF LN) - AGM statement
Staffline has confirmed it remains on track to hit our FY23 estimates following a strong FY22 performance. Signs of stronger organic growth are coming through in both the UK and Ireland driven mainly by contract extensions in Recruitment GB and People Plus. We make no changes to our forecasts at this juncture and remain comfortable with our valuation per share of 62.2p illustrating compelling upside from current levels. We continue to believe that Staffline is well positioned to navigate current...
- Joe Brent
LIBERUM: CEO Video: Albert Ellis, Staffline Group*
In this video, Staffline CEO, Albert Ellis, talks through the highlights of the FY22 results as well as outlining trends in current trade, particularly the potential mix shift between perm and temps and the likely financial impact. Albert also discusses how Staffline is investing for growth in FY23 and highlights the key milestones to look out for.
- Liberum Research Team
- Liberum Research Team
- Alex O’Hanlon
- Joe Brent
LIBERUM: Staffline Group* - Strategic progress offset by macro headwin...
The FY 22 results were strong and slightly ahead of our estimates. We make four key points: 1) The UK job market appears to be softening, as expected; 2) At Recruitment, we expect higher-margin perm to weaken in FY 23; 3) Investment and strategic progress in the business will leave it well-positioned when the macro environment improves; and 4) The Impellam exit valuation implies a share price of 44p-142p at Staffline. We maintain our BUY recommendation and TP of 60p; a CY 23 P/E of 11.9x is attr...
- Liberum Research Team
- Liberum Research Team
- Carl Smith
- Mike Allen
Staffline (STAF LN) - On track, small EBIT beat
Staffline has reported FY22 results with underlying EBIT of £12.0m up 16.5% year-on-year, beating our £11.6m forecast. Despite broadly flat revenue vs. FY21, the focus on its recruitment margins, tight cost control, and interest rate hedging has led to improved profits. As flagged on 24 January, the Group significantly outperformed our cash expectations, with net cash of £5.0m being £20.0m ahead of our estimates prior to the trading update. After resetting FY23 and FY24 forecasts in January, we ...
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