Thursday, September 6, 2012

Thu 6 Sep - BVM, EMR, STAF

Good morning, a bit late this morning, my apologies. But I note from the page impressions that our readers are spread throughout the day, so it probably doesn't matter that much if it is a bit late. I was over-tired & just fancied a lie-in, tbh.

Another busy day for mostly interims. A micro cap called Belgravium Technologies (BVM) (£6.2m mkt cap at 6.2p/share) reports poor interims, with turnover down, and profits halved to £150k. The outlook sounds OK, an H2 weighted year, but with a word of caution that it may not match last year's H2. Bottom line for me, it's too small to be Listed, so I'm not interested. Met the management at one of David Stredder's excellent Mello Central evenings (hosted by FinnCap) earlier this year, and it sounded more-or-less like a one man band in terms of driving strategy & sales - so what happens if he falls under a bus? Shares down 16% as we speak.

In common with other small recruitment companies, Empresario (EMR) shares look cheap on a PER of about 4.5, at 25p, or £11m mkt cap. However, bear in mind they have relatively large net debt of £8.5m (almost as much again as the mkt cap, so adjust that out and the PER goes up to nearer 8).

Interim operating profit is up a whisker to £1.8m, and it looks like they have an H2-weighted year, as with other recruiters. Outlook is that they expect the full year to be slightly ahead of last year.

Staffline looks both better value, and with a stronger balance sheet, and better growth prospects, so confirms my view that I've picked the best one in the sector in STAF.

Sorry this is so short, couldn't find any other particularly interesting results, and I have to dash to get ready for a lunch appointment. I won't Tweet this, as it's a pale shadow of my usual market reports! Normal service resumes tomorrow. Hope you have a good day. 

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