I have been made aware that a number of shareholders in Staffline (STAF) want the recruitment agency to do a share buy back. But…..
Staffline Group (STAF) has announced its “Disposal of PeoplePlus” in an announcement headlined “Strategic disposal creates a pure-play recruitment platform with market leading reach across the UK and Ireland. Cash proceeds to fund Share Buy Backs and working capital for growth”. So what of a share price currently up to 27.4p in response but still down from above 40p reached last year?
Recruitment and training group Staffline (STAF) has announced results for the first half of 2024 headlined “Strong H1 2024 performance across the Group and underlying trading in line with FY 2024 expectations. Staffline growing its market leading position underpinned by solid new business pipeline”. So what about the shares currently responding approaching 9% lower to 37.6p?
Previously writing on recruitment and training group Staffline (STAF), in June with the shares at 35p I concluded I was cautious despite a suggested modest prospective earnings multiple considering macroeconomic headwinds, competitive industry dynamics and net debt. A trading update today is headlined “Robust performance delivered full year underlying operating profit in-line with market expectations. Net cash (pre-IFRS 16) significantly ahead of market expectations maintaining ongoing balance sheet strength that underpinned £5 million share buyback programme in 2023”. So what of the shares currently below 23p – including a further more than 7% lower on the back of the trading update?
Recruitment and training group Staffline (STAF) states that it is “pleased to provide” an AGM Trading Update and this commences; “After a strong performance in FY 2022, the group's strategy continues to secure further market share and strengthen customer relationships, expanding the client base ahead of a broader economic recovery”. So what of a share price of 35p in response, still down from above 40p as recently as last month?
Hello, Share Users. This old punter avoided recruitment firms at the height of the pandemic. But it now seems to be a growth area with a shortage of employees in several sectors. Like hospitality and lorry driving for instance. One of the more interesting recruitment outfits is Staffline (STAF). The share price took a massive hit at the start of the pandemic and it had a bit of an issue with accounting fraud and a consequent balance sheet reconstruction. But it’s just provided a six month trading statement and things look good going forward.
