PBT ahead of market expectationRevenue 389m Net cash +£20.7m and no debt , mcap 25m dividend 2.5p |
Very much in keeping with the wider recruitment sector, but looks like a good attempt at dressing it up. The 33% year-on-year perm drop in NFI is pretty awful to say the least. |
FY Results in-line with revised expectations and positive signs of initial recovery in fee income.
No change to Equity Dev estimates and their cash is 70% of market cap: ED remains positive on prospects and retain a 140p / share fair value
New research note: |
Dividend 2.5p |
No debt and free cash 20.7m |
Excellent results and excellent dividends ratios |
Juicy dividend 2.5p |
Time to buy before results day |
Results on 24th , notice for dividend details as well |
Exciting day this Friday |
Dividend will be good , results this Friday |
In August Gattaca updated that regards NFI is was outperforming most of its quoted peers.
The CEO and CFO will next present their FY results by webinar on Thurs 24th Oct at 11am.
All interested investors are welcome to attend, just register here: |
The gap between stating a divi last time and actually coughing up was long too. |
How they have been declared dividends but no info until next results!!! It's just confusing . It's not a dividend |
A bit miffed. I thought the websire indicated 19th Aug for the TU |
Perked up today. GLA. |
An encouraging FY trading update : NFI up 5% in H2 despite a tough market ✔️
Gattaca is outperforming most of its sector on NFI and net cash is 75% of market cap, so Equity Development still see Fair Value at 140p/share (vs 86p last close)
Read/hear their new research note here: |
Difficult to sell |
zzzzz..... |
SP drifting lower again…. |
52weeks low was 60p |
Bounce off the 52w low? |
Trading results no good, revenue down means commission down |
 Trading report in-line with sector peers (new research report - link below)
The results for the six-months to January are robust against a backdrop of declining confidence in both clients and candidates generally. With an improvement in the contract book during early Q3 we think this highlights that the tide is starting to turn and likely to feed through to demand for permanent hires ahead of the CY24 end. With net cash accounting for over 70% of the current market capitalisation, the operating business appears undervalued.
H1 results were broadly in line with expectations, as declining economic confidence reduced NFI by 12.8% yoy, with the UK down 10%. The decline in perm activity was largely responsible for the shortfall, with contract activity remaining robust during the period. Adjusted PBT improved modestly and adj. EPS was unchanged yoy at 1.6p.
Costs have reduced further, although Management continues to add headcount in its core areas of focus and strength. Also several new contracts/renewals were awarded during the period: these are likely to benefit H2 onwards and reflect a resurgent Business Development team.
We have taken a more conservative view of the outlook, reducing FY24 estimates in line with new guidance, albeit still anticipating meaningful growth in activity levels. The operating business excluding the net cash is valued at just £10.5m which seems too low given our EBIT forecasts. As such, we set a fair value of 140p / share.
Link to research report: |
Trading report in-line with sector peers (new research report - link below)
The results for the six-months to January are robust against a backdrop of declining confidence in both clients and candidates generally. With an improvement in the contract book during early Q3 we think this highlights that the tide is starting to turn and likely to feed through to demand for permanent hires ahead of the CY24 end. With net cash accounting for over 70% of the current market capitalisation, the operating business appears undervalued.
H1 results were broadly in line with expectations, as declining economic confidence reduced NFI by 12.8% yoy, with the UK down 10%. The decline in perm activity was largely responsible for the shortfall, with contract activity remaining robust during the period. Adjusted PBT improved modestly and adj. EPS was unchanged yoy at 1.6p.
Costs have reduced further, although Management continues to add headcount in its core areas of focus and strength. Also several new contracts/renewals were awarded during the period: these are likely to benefit H2 onwards and reflect a resurgent Business Development team.
We have taken a more conservative view of the outlook, reducing FY24 estimates in line with new guidance, albeit still anticipating meaningful growth in activity levels. The operating business excluding the net cash is valued at just £10.5m which seems too low given our EBIT forecasts. As such, we set a fair value of 140p / share.
Link to research report: |
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