Bond International Share Discussion Threads

[rivaldo] 13/2/2008 07:54

There's your quandary NJP - it's likely that if BDI do win more non-recruitment sector customers then that'll be announced via more RNSNONs as they won't meet the materiality tests for a main RNS.

I'm hopeful there will be many more - for a start BDI seem to be carving out the airline and estate agency sectors for themselves.

Nice coverage in UK-Analyst's daily market report:

"Shares in specialist recruitment software company Bond International (BDI) fell 2p to 135.5p despite the announcement of a contract win with US recruitment firm VACO worth 1.5 million dollars. Bond has been chosen by VACO to deploy its flagship software, Adapt, throughout its North American operations. The deal was awarded after a 12 month review of all leading staffing software vendors. Steve Russell, Group Chief Executive, added, "We are delighted to be able to work with a top flight, fast growing company like VACO, particularly in the face of strong competition.... Following on from our recent win at Michael Page, this contract further consolidates our position as the number one software solution for the world's leading staffing firms." The award winning AIM & PLUS Newsletter first tipped Bond as a "Goldenbuy" back in June 2005 and is sitting on a gain of 41%."

[njp] 12/2/2008 21:53

riv

Little buying interest, sporadic selling and MMs not holding stock = continual downward pressure on the price. The fact that they're continuing to trade well doesn't make any difference to the situation, except that it does mean I'm hanging on to the few I have and will add when I reckon sentiment's about to turn. There's certainly precious little downside here and a heck of a lot of upside if trading is going as well as we suspect.

Would love to see more contract wins outside of the recruitment sector though, as it would help sentiment to see they're not stuck in that ghetto.

[rivaldo] 12/2/2008 19:42

Frustrating isn't the half of it NJP! Another contract win, yet someone seems determined to sell into any strength at all. Ridiculous.

I did hear at the back end of last year when the tremors started that some fund managers had instructed that all AIM stocks be dumped at whatever price. I suspect there are VCTs etc in BDI from 40p or so who decided to take their profits, though I can't believe there can be much if any left to dispose.

Fidelity were happy to invest £5m in BDI at 220p and haven't sold a share since.

I'm certain that BDI's world-leading position will be recognised at some point - "Adapt Recruitment is used by nine out of ten of the leading recruitment organisations around the world" says a lot, but BDI are much more than just Adapt anyway.

[rivaldo] 12/2/2008 09:30

Same here - hope they're right :o))

Just shows how volatile BDI is - a 5k buy pre-open caused an immediate 3p mark-up. Let's see some more.

[njp] 12/2/2008 08:10

Fair enough, riv. It's a great little company but it's a frustrating market so it's easy to get a bit cynical.

Still, read some interesting articles recently suggesting thing's look a lot better in 6 to 9 months.

[rivaldo] 12/2/2008 07:44

I agree the "way oversold" part :o))

It's clear this is an RNSNON - and $1.5m is pretty meaty imo compared to £17m historic turnover. But the significance lies with the traction being obtained in the USA more than anything else.

On the corporate side I feel BDI are right to issue these RNSNONs - Knight Frank, Easyjet, Flybe, Hamptons, BMI, Etihad etc are all household names, and I think BDI are trying to get across the potential for that division, which is still relatively new. Once people take this on board I think BDI will stop issuing them. But imo the more PR the better at this stage of development.

[njp] 12/2/2008 07:34

Nice, but pretty routine stuff, riv, and it's recruitment sector again. I'd be more interested if it was outside that sector.

Still, we know BDI are doing well and the share's way oversold. Just feel they don't need to RNS every tuppeny ha'penny contract.

[rivaldo] 12/2/2008 07:30

This is getting ridiculous - yet another in a series of contract wins, and this time it's a major win in the USA (it's an RNSNON but still a significant win).

BDI can't do any more than they're doing - it's time for investors to realise the strength of BDI's worldwide proposition. The current share price is just ridiculous imo for a world leader with high recurring income and the biggest names in the industry as clients:



"Bond secures $1.5M contract with VACO

Bond International Software, the world's leading provider of staffing software
solutions, today announced that the Company has been chosen by US recruitment
firm VACO to deploy its flagship software, Adapt, throughout its North American
operations in a deal worth $1.5m.

The contract has been awarded following an exhaustive 12 month review of all
leading staffing software vendors. The decision was based on Bond's overall
ability to deliver functionality, technology and the proven capability to
implement successfully.

Jerry Bostelman, VACO CEO, commented,
'The flexibility of Adapt to mimic our processes and the capacity to add new
functions made it stand out from the competition. Bond was able to deliver a
completely hosted, integrated desktop solution removing the need for an
expensive IT department with all the associated hardware. The fact that we will
not have to change the way we work to accommodate the new software was an
important factor in our decision.'

Steve Russell, Group Chief Executive, added,
'We are delighted to be able to work with a top flight, fast growing company
like VACO, particularly in the face of strong competition from Bullhorn and
VCG. Following on from our recent win at Michael Page, this contract further
consolidates our position as the number one software solution for the world's
leading staffing firms.'"

[williebiz] 07/2/2008 15:05

Yes - if I had some cash available I would take a half position, shame I'm stuck.

[rivaldo] 07/2/2008 15:03

:o)) I dunno willie (are you polzeath?), you're probably right about a bounce loking at the chart. Reckon there's a fund/VCT seller out there who doesn't care what price he gets and is ignoring the news flow. Hopefully he/they will run out soon as BDI is tightly held and therefore volatile/illiquid.

Now on a forward P/E of 7 with net cash in hand.

[williebiz] 07/2/2008 14:57

Probably bounce from here. Or go down to 120p, not that much chance.

[rivaldo] 06/2/2008 08:23

Good news as was previewed in post 1572 :o))

Typical that it's announced on a day like today (even as an RNSNON) - credit to BDI for keeping the market interested anyway.

I tend to think that as a global leader in its niche BDI will be acquired sooner rather than later - if the market fails to award a P/E of better than 7.4 on 19.4p EPS going forward and with high recurring income then I'm sure an acquiror would be happy to pay a P/E of 11 or 12 to snap up a bargain (imho).

[stefield] 06/2/2008 07:21

RNS Number:3602N
Bond International Software PLC
06 February 2008


For Immediate Release 06 February 2008


Bond International Software plc

("Bond" or "the Company")

2008 Starts Strongly for eEmpACT Software with 145 New Users in January

Bond International Software plc today announced that its subsidiary eEmpACT
Software signed nine new staffing customers from across the United States and
Canada during the month of December. These nine new customers with more than 145
combined new eEmpACT users supplement the other 41 staffing firms that have
joined in 2007.

eEmpACT's ramp-up in sales is attributed to the continued proven success of
eEmpACT's Version 14, which is the only complete front and back office staffing
software available to the U.S. market.

eEmpACT President & CEO Tim Giehll commented:
"We are delighted to bring on so many new business partners during December. In
addition to the 31 firms already using General Ledger and Accounts Payable, 20
existing customers went 'live' with the GL and AP modules on January 1, 2008,
which is evidence that a complete solution is the only solution for the staffing
industry."

[rivaldo] 03/2/2008 09:05

More coverage here:



"Michael Page to implement Bond Adapt recruitment service
1st February 2008
By Sheetal Vyas

Michael Page, a professional recruitment company based in the UK, will be implementing the Adapt Recruitment system developed by Bond International Software (BIS), the talent management and e-recruitment software services provider from the UK. The tool will form the basis for its front-end recruitment systems used by more than 4,000 recruitment consultants the world over.

BIS, which has more than 30 years of experience in the development of products and services, said that its Adapt Recruitment service is used by most of the leading recruitment organisations across the world.

The company claims that the service is unique in that despite having an industry standard specification, it can be adapted and customised according to the client's needs. It is completely platform and database independent, scaleable and configurable, as well as offering self-service features.

Andrew Wayland, CIO, Michael Page, said: "Bond International Software has a significant reputation in the recruitment market but we needed to be sure that Adapt Recruitment was the right solution for our business and our individual requirements. Bond has clearly demonstrated that the solution has flexibility and scalability and that it can be configured to match our ambition for growth. Furthermore, its range of functionalities and services is impressive."

Providing multi-lingual features, the service makes it easy for clients from different language backgrounds to adopt it, says BIS. The tool makes all the text available in the language chosen by the user. This, according to Michael Page, was the main reason why the company chose to implement the service. Apart from this the ability to provide localised support across multiple regions was the defining factor for Michael Page's decision."

[rivaldo] 30/1/2008 20:17

On top of today's news, I've found some terrific info about how BDI are doing in the USA at present - lots to play for considering BDI is still a relatively small cap:



"2008 Starts Strong for eEmpACT Software with 145 New Users in One Month

Version14.0 Proves Powerful Decision Maker for Signing Nine New Customers

MINNEAPOLIS, MN (January 17, 2008) – eEmpACT Software (a Bond International Software Company) is proud to welcome nine new staffing customers from across the United States and Canada during the month of December. These nine new customers supplement the other 41 staffing firms that have already joined eEmpACT in 2007. Implementations have begun in various cities throughout Arizona, California, Tennessee, Maryland, Massachusetts, Virginia and Ontario, Canada, with more than 145 combined new eEmpACT users.

"Bringing on so many new business partners during December sets the tone for the new year," said eEmpACT VP of Sales & Marketing, Claudette Jaswa. "And we know each new user will benefit using this new solution to help streamline their business process."

eEmpACT's ramp-up in sales is attributed to the continued proven success of eEmpACT's Version 14, which is the only complete front and back office staffing software available to the U.S. market," comments Jaswa. "Features such as General Ledger, Accounts Payable, Advanced Scheduling and eConnect Web Portal have provided a complete solution for those seeking robust, yet affordable staffing software."

Below is a brief description of some eEmpACT's new customers:

§ Exact Staff – Founded in 1996, Exact Staff offers a wide range of personnel solutions to their customers from their 11 locations in California. A former TempTrax customer, Exact Staff has 49 users.

§ InVisionHR – InVisionHR is a medical professional search firm providing healthcare staffing support on a temporary to hire, and direct hire basis. Servicing the entire state of Arizona, InVisionHR will make use of eEmpACT's front and back office for their 20 users.

§ All-Star Personnel – Since 1996, All-Star Personnel has been a pioneer in Tennessee's staffing industry. With five locations, All-Star Personnel will be utilizing eEmpACT's front and back office for their clerical and industrial customers with 25 users.

§ JWilliams Staffing – A California-based company with locations in California, Arizona and Nevada, JWilliams Staffing specializes in the staffing needs for homebuilders and is dedicated to a promise of uncompromised quality, standards and excellence. JWilliams Staffing has 6 users.

Staff Plus – Staff Plus has been providing temporary and career personnel for administrative and light industrial companies in Ontario, Canada. A privately held firm, their people have been making a difference for over 30 years, and has 12 users.

§ RealStreet Staffing – The focus at RealStreet Staffing is on construction staff support, with a core competency and emphasis on providing, long term, temporary project managers and owner's representatives for owners, developers, colleges, hospitals, Government Agencies and prime contractors. RealStreet Staffing has 8 users.

" No other solution on the market offers a package that merges front office applicant features, web portals, payroll, invoicing, accounts receivable, general ledger and accounts payable into a single Microsoft SQL database design," said eEmpACT President & CEO Tim Giehll. "In addition to the 31 firms already using General Ledger and Accounts Payable, 20 existing customers went 'live' with the GL and AP modules on January 1, 2008. This is evidence that a 'completely integrated' solution is the only solution for the staffing industry.""

[rivaldo] 30/1/2008 14:33

Good coverage of the Michael Page win:



"Michael Page International selects Bond Adapt Recruitment for Global roll-out

30/01/2008
Michael Page International, one of the world's largest professional recruitment companies, has selected the Adapt Recruitment system from Bond International Software in a multi-million pound contract. The Adapt Recruitment solution will be implemented globally across Michael Page's business and will form the basis of its front end recruitment systems which over 4,000 recruitment consultants use to do business on a daily basis.

Bond International Software is the world's leading supplier of specialist recruitment software solutions and Adapt Recruitment is used by nine out of ten of the leading recruitment organisations around the world. The flexibility of Adapt Recruitment means that it is unique in its field, whilst it has an industry standard specification, it can be adapted to the specific needs of a particular organisation. Adapt Recruitment is fully platform and database independent, scaleable and configurable, with comprehensive self-service features.

Adapt Recruitment also has multi-lingual capabilities, allowing any number of languages to be embedded within one database. All text can be presented in the native language and character set of the specific user, wherever they may be. This was a key selection criterion for Michael Page when considering the solution for its global business.

Andrew Wayland, CIO, Michael Page International, comments, "Bond International Software has a significant reputation in the recruitment market but we needed to be sure that Adapt Recruitment was the right solution for our business and our individual requirements. Bond has clearly demonstrated that the solution has flexibility and scalability and that it can be configured to match our ambition for growth. Furthermore, its range of functionalities and services is impressive."

Wayland continues, "It was also imperative that the system could support our operations across Europe, Asia Pacific and the Americas, therefore we needed a solution that could support a very broad array of languages and countries. Bond has clearly demonstrated that its geographic spread and extensive experience in international roll-outs will enable it to deliver across all of our offices."

In addition to the implementation of the system, Bond International will provide global support and training services. Headquartered in the UK, Bond also has offices in the United States, Australia, Hong Kong, Canada and South Africa.

Wayland continues, "The ability to provide localised support across multiple regions was another defining factor in Michael Page's decision to select the Adapt Recruitment system."

Tim Richards, Bond International Software, Managing Director, concludes, "Bond is ideally suited to deliver a project of this magnitude. We have immense experience and an impeccable track record. I am confident that through Adapt Recruitment we can deliver significant business benefits to Michael Page's global business.""

[rivaldo] 30/1/2008 11:47

Correct about BDI being thinly traded, so good news (such as today's) could be well rewarded since the share price has been marked down to well overdone levels imho. Hopefully today is just the start.

BDI has high recurring income as you say. But its products are also money-saving and efficiency improving - these have been proven to do well in hard times. In addition, the recent contract wins re Manpower, Hays and Michael Page are likely to lead to further business as the sector focuses on BDI and Adapt.

Then there's the corporate side - once again something which is new and saves businesses money and time and appears to be picking up momentum.

And finally (as others have done) don't forget the recent acquisitions of Gowi and Strictly Education which position BDI either further away from supposedly cyclical income streams.

I strongly suspect there will be further acquisitions made from cash to further enhance earnings.

[williebiz] 30/1/2008 11:02

Well good luck. I'm no nay-sayer and have been in BDI and like the story. Occasionally useful to hear a contrary opinion?

I reckon performance should progress nicely (all the signs are good and the mgt seems to be making well thought-out strategic moves and gaining credibility/contracts).

But the slowdown in the global economy is sure to affect recruitment and those who use recruitment tools. Despite the recurring income story, in a downturn, variable costs get cut. BDI falls in that camp.

I see decent stability to the SP, don't get me wrong - perhaps a range of 120p to 180p for the next year or so unless events conspire etc.

There's 90% chance the outlook statement will be one of confidence in meeting forecast but cautious wrt the global economy. Which equates to share price going nowhere much over the medium term, though BDI being thinly traded, there could be some ups & downs along the way.

[rivaldo] 30/1/2008 10:40

Let's not get too bogged down boadicea :o)) The point is that as per last year BDI have again announced they're trading in line with expectations.

16.4p EPS would represent a nice 24% jump from 13.2p EPS in 2006. And BDI would still I'd have thought have room for more in-fill earnings-enhancing acquisitions from cash to further increase this year's EPS from 18.2p.

[boadicea] 30/1/2008 09:07

riv - The tu wording differs in respect of the "market expectations". Last year the corresponding part of the statement was "recently upgraded market forecasts".
I wouldn't make too much of the difference except that it highlights the absence of a recent upgrade. The Michael Page announcement goes a long way to compensate for that.

[njp] 30/1/2008 08:29

Nice to see, riv. Still have an interest here.

[rivaldo] 30/1/2008 07:37

LOL! The trading update is worded exactly the same as last year and is just what's required as nicely in-line. Excellent stuff in this market.

Furthermore, we now have a second RNS today, with clarification of a new major contract - it's Michael Page :o))

BDI now have Hays, Manpower and Michael Page sewn up long-term. No more proof is needed of BDI's market leadership:



BDI are now on a historic P/E of around 9 based on 16.4p EPS, and with 18.2p EPS for this year the current year P/E is just 8....the forward P/E is probably around 7.

For a global leader such a rating is far too low imo - given even a miserly rating there's 50% upside from here at worst imo for a P/E of 10 to 12.

[williebiz] 30/1/2008 07:07

TU, in line, sounds vaguely downbeat?