Hss Hire Share Discussion Threads

[morrisminor] 23/7/2004 12:10

Good for City Equities-Taking 2p( 33%)a share.

[malc69] 21/7/2004 17:29

City equities are starting to push this one. Good thing or bad thing ?

[feedthegoat] 21/7/2004 09:08

interesting to see what Techinvest make of this.

[feedthegoat] 20/7/2004 15:34

usual profit warning expected from this dog.

[pacman88] 20/7/2004 08:46

I don't like the look of it esp pre-results. I got in very early but this drop is worrying. Will be watching results very closely.

[hugepants] 20/7/2004 08:43

The market cap looks very low now. Good asset backing and looks to be around break-even. But recent price drop a bit worrying before results?

[shortermer1] 24/6/2004 20:47

Anyone watching this stock??

There have been a few buys over the past few days. 1 x 75k, 1 x 50k and 1 x 25k. There was also a 46k trade at mid price today.

Results should be soon I think.

Thanks,

ST.

[tett] 09/2/2004 17:24

Nobody seems particularly interested in this steady little riser. No real information released for a while - but somebody is tucking them away - including me ;)

[pacman88] 28/11/2003 07:47

Highams Systems Services Group Sells Software Unit

419 words
27 November 2003
11:35
Dow Jones International News
English
(c) 2003 Dow Jones & Company, Inc.

Edited Press Release

LONDON (Dow Jones)--Highams Systems Services Group said Thursday that it has completed the sale of HBS to Surecomp Inc, a Canadian company, for a total consideration of GBP910,000.

The net proceeds to the Group from the sale and loan repayment, after compensation and professional costs, are anticipated to be approximately GBP750,000.

To date, the Group has consisted of two distinct businesses. The Business Solutions subsidiary, HBS, focussed on marketing its financial software package Hi-Finance to a client base in banking, factoring of debts, and asset-based leading; and Highams Recruitment Limited (HRL) which provides specialised permanent and contract IT personnel, primarily to the insurance and financial markets.

As at 30 September 2003 HBS had tangible net assets of GBP418k before debiting loans to HBS from Group, and pre-tax profits for the six months then ended of GBP284k before deducting its share of head office costs, on sales during the period of GBP720k.

Surecomp is a privately held Canadian Software company that is a provider of software solutions to financial institutions.

The Group has agreed to sell the whole of the issued share capital of HBS and has been repaid its inter-group loan account with HBS.

The total consideration, including the settlement of the loan account, was GBP910,000 of which GBP610,000 was paid on completion, with the balance of GBP300,000 being held in escrow to be paid on 31 May 2005.

Bryan Martin has entered into an employment contract as a Vice President of Surecomp, and has resigned from the Highams Group Board.

The Group has paid him the sum of GBP90,000 as compensation for loss of office.

Additionally, under the terms of the Agreement, Surecomp has taken a sub-lease of part of the Group's Caterham premises for a period of up to 16 months at a full rental which has been paid in advance.

The Group Board will now be in a position to concentrate both management time and enhanced financial resources on developing and expanding the recruitment activities of HRL.

The Group Board has for some time been aware that those activities require additional critical mass in terms of turnover, contractor throughput and client base, and this in turn calls for investment which the proceeds of the sale of HBS, along with the Group's historically strong cash and balance sheet position, will greatly facilitate.

The Group Board is actively pursuing this strategy, the company said.

[pacman88] 27/11/2003 14:09

no, have not spoken to management - own too few for them to want to bother with me. my aver holding cost is 9p. with cash of 6p each, enterprise value per share is 3p, ie under £1M. the sector is tough and i guess you know it better than i do. but the it sector is picking up and a few of the companies i work with are planning new hires as they go through their 2004 budget. this is the first increase i have seen in many of these companies in 3 years. i am nt saying we are out of the woods, but we are seening consolidation and a base to build from.

will watch and see from here.

[recruiter] 27/11/2003 13:58

good luck with this pacman, hard to believe that I actually bought into these when they first floated (seems a lifetime ago)...sold at a nice profit & watched ever since...

my only concern now is that revs for recruitment are falling & they are in a market that I personally know & one that is incredibly competitive....

Have you ever spoken to the management direct ?

[pacman88] 27/11/2003 13:49

Purchased 15K and 10K. 2 hr delay so hasn't shown up yet. Was very difficult getting stock. Got 15K at 12.84p and 10K at 13p.

[pacman88] 27/11/2003 10:20

recruiter - agree. the 300k is in escrow, which is std for most acquisitions to cover any issues that may turn up post the deal. this is hss's money and in a restricted acct but is held on the company's balance sheet.

net proceeds post loan repayment, compensation and deal fees is 750K. 300K held back in escrow. that will reduce the cash element of my initial anlaysis by 160K. Of the 750K, company cannot touch 300K for 18 months.

but my conclusion still is the same. and the acquirer has taken a sublease of the office space at full rent which has been paid in advance - unclear what the cash impact is as it is post balance sheet date.

[recruiter] 27/11/2003 10:10

pacman, you didn't read it very well. Only 610K paid up front, the rest in may 2005, you also have to take away the 90K paid to the leaving director....there were also loans to be repaid...

[davidhel] 27/11/2003 08:24

Generating cash eh? So does fifty quid held in a bank if you wait long enough!

[pacman88] 27/11/2003 07:47

Cash at y/e 908K
Sale of HBS 910K

Cash in co 1.8M
Mkt Cap 2.45M

Recruitment Business Rev for last 6 months 4M. Given the turnaround in the economy, I would expect this to increase going forward, so at current run rate we will get revenues of 8M. Even at 0.5X revenue multiple, the business is worth 4M plus the cash, which gives you a value of 5.8M, which is 2x today's market cap :-)

Best of all, still generating cash.

[pacman88] 27/11/2003 07:42

RNS Number:5534S
Highams Systems Services Group PLC
27 November 2003


Press Release

For Immediate Release

27 November 2003






HIGHAMS SYSTEMS SERVICES GROUP PLC

INTERIM STATEMENT

for the six months ended 30 September 2003



Results

Group turnover for the six month period to 30 September 2003 amounted to #4.8m
(2002: #5.6m) and the operating loss, after exceptional costs of #68k, was #112k
(2002: loss - #222k). The loss before taxation was #102k (2002: loss - #212k).


The Group's cash position remained strong at #904k.


Highams Recruitment Limited and Highams Recruitment BV

The recruitment businesses achieved turnover figures for the six month period of
#4.0m (2002: #4.9m) and profits (before their share of group overheads and
before providing for closure costs) of #289k (2002: #226k). Permanent
recruitment sales improved but there was less contract recruitment business. The
Dutch recruitment business is now operated from the UK head office following the
closure of its office in The Hague.


Highams Business Solutions Limited

Turnover for the six month period was #720k (2002: #717k), and profits (before
its share of group overheads) were #284k (2002: #204k). This improvement in
profitability was largely due to the successful implementation of the Hi-Finance
system at a new South African client


Dividend

Consistent with previous years, the Board is not recommending an interim
dividend.


Other matters

Please see the accompanying announcement concerning the sale of Highams Business
Solutions Limited to Surecomp Inc for a total consideration of #910,000, and
progress on the implementation of the Group's strategy.


For further information, please contact:

Ted Andrews, Group Managing Director, Highams Systems Services 01883 341144
Group plc
Rick Thompson, Charles Stanley (Nominated Adviser and Broker) 020 7953 2482
David Haggie, Haggie Financial Limited 020 7417 8989

Consolidated Profit & Loss Account for the six months ended 30 September 2003

6 months to 6 months to 12 months
Notes 30 Sep 2003 30 Sep 2002 to 31 Mar 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000

Turnover 4,754 5,618 11,096
Cost of (3,984) (4,786) (9,485)
sales
-------- -------- --------
Gross profit 770 832 1,611
-------- -------- --------
Administrative (814) (1,054) (1,819)
expenses
before
exceptional
costs
Exceptional 3 (68) - -
costs -------- -------- --------
(882) (1,054) (1,819)
-------- -------- --------
Operating (112) (222) (208)
Loss
Interest 10 13 21
receivable
Amounts - (1) (5)
written off
investments
Interest - (2) (3)
payable
-------- -------- --------
Loss on 2 (102) (212) (195)
ordinary
activities
before
taxation
Tax on loss on - - -
ordinary
activities
-------- -------- --------
Loss on (102) (212) (195)
ordinary
activities
after
taxation

Dividends - - -
-------- -------- -------
Loss for the (102) (212) (195)
period
-------- -------- -------

Loss per share
- basic and
diluted
Loss after 4 (0.18) p (1.09) p (1.00) p
taxation
before
exceptional
costs

Loss after 4 (0.53) p (1.09) p (1.00) p
taxation and
exceptional
costs

Consolidated Statement of Total Recognised Gains and Losses for the six months
ended 30 September 2003

6 months to 6 months to 12 months
30 Sep 2003 30 Sep 2002 to 31 Mar 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000

Loss on (102) (212) (195)
ordinary
activities
after
taxation

(Loss)/Profit (2) 2 (7)
on foreign
currency
translation
------- ------- -------
Total (104) (210) (202)
recognised
gains and
losses
======= ======= =======




Consolidated Balance Sheet
As at 30 September 2003

Notes
30 Sep 2003 30 Sep 2002 31 Mar 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Tangible assets 122 82 80
Investments 9 13 9
------ ------- -------
131 95 89
------ ------- -------

Current assets
Debtors 1,692 2,060 2,233
Cash at bank and in hand 904 878 872
------- ------- -------
2,596 2,938 3,105

Creditors: amounts falling (742) (952) (1,105)
due within one year
------- ------- -------
Net current Assets 1,854 1,986 2,000
------- ------- -------
Net assets 1,985 2,081 2,089
------- ------- -------

Capital and reserves
Called up share capital 979 979 979
Share premium 5 684 684 684
Merger reserve 5 - 222 -
Profit and loss account 5 322 196 426
------- ------- -------
1,985 2,081 2,089
Equity shareholders' funds ------- ------- -------



Consolidated
Cash Flow
Statement
for the six
months ended
30 September
2003

Notes 6 months to 6 months to 12 months
30 Sep 2003 30 Sep 2002 to 31 Mar 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Reconciliation of
operating result to
net cash flow from
operating activities
Operating loss (44) (222) (208)
before
exceptional
costs
Exceptional 3 (68) - -
costs
------ ------ ------
Operating loss (112) (222) (208)
after
exceptional
costs
------ ------ ------
Depreciation 31 39 74
Decrease in 541 605 432
debtors
Decrease in (363) (126) 28
creditors
Loss on - - (3)
disposal of
fixed assets
Exchange (2) - (7)
differences
------ ------ ------
Net cash 95 296 316
inflow from
operating
activities
------ ------ ------

CASH FLOW
STATEMENT

Net cash 95 296 316
inflow from
operating
activities

Returns on
investments
and servicing
of finance
Interest 10 13 21
received
Interest - (2) (3)
paid
------ ------ ------
Net cash 10 11 18
inflow
------ ------ ------

Taxation
UK Corporation - - -
tax
------ ------ ------

Capital
expenditure
and financial
investment
Purchase of (73) (20) (56)
tangible fixed
assets
Sale of - - 6
tangible fixed
assets
------ ------ ------
Net cash (73) (20) (50)
outflow
------ ------ ------

Equity - (20) (20)
dividends
paid
------ ------ ------

Increase in 6 32 267 264
cash in the
period
------ ------ ------





Notes to the Interim Report

1. Basis of
preparation

The interim report has been prepared on the basis of the accounting
policies set out in the statutory accounts for the year ended 31 March
2003 and includes the accounts of the Company and its trading
subsidiaries.

The interim report is unaudited and does not constitute statutory
accounts. A copy of the statutory accounts for the year ended 31 march
2003 has been filed with the Registrar of Companies. The auditors'
opinion on those was unqualified and did not contain a statement under
section 237(2) or (3) of the Companies Act 1985.

The interim report for the six months ended 30 September 2003 was
approved by the Board on 26th November 2003. A copy of this report has
been sent to shareholders and further copies of this report are available
from the Company's registered office.

2. Segmental analysis of turnover and loss before taxation


6 months to 6 months to 12 months to
30 Sep 2003 30 Sep 2002 31 Mar 2003
(unaudited) (unaudited) (audited)
Continuing Turnover Profit/(loss) Turnover Profit/ Turnover Profit/
operations (loss) (loss)
#'000 #'000 #'000 #'000 #'000 #'000

Recruitment 4,034 289 4,901 226 9,544 523
Services

Business 720 284 717 204 1,552 535
Solutions

Common - (607) - (642) - (1,253)
costs
(net of
interest)

Exceptional - (68) - - - -
costs (note
3)
-------- -------- -------- -------- -------- --------
4,754 (102) 5,618 (212) 11,096 (195)
-------- -------- -------- -------- -------- --------

3.
Exceptional
costs
6 months to 6 months to 12 months to
30 Sep 2003 30 Sep 2002 31 Mar 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Exceptional
costs
comprise the
following:

Closure of (68) - -
Dutch
office
===== ===== =====
All Highams Recuitment BV operations have now been transferred to the UK.




4. Loss per share

6 months to 6 months to 12 months to
30 Sep 2003 30 Sep 2002 31 Mar 2003
(unaudited) (unaudited) (audited)
Loss Per share Loss Per share Loss Per
share
#'000 p #'000 p #'000 p

Loss after (34) (0.18) (212) (1.09) (195) (1.00)
taxation
before
exceptional
costs

Exceptional (68) (0.35) - - - -
costs
-------- -------- ------- ------- ------- -------

Loss after (102) (0.53) (212) (1.09) (195) (1.00)
taxation and
exceptional
costs
-------- -------- ------- ------- ------- -------

Shares 000's 000's 000's
Weighted 19,425 19,425 19,425
average number
of shares

Loss per share has also been calculated based on the loss for the financial
period before exceptional costs as the directors believe this loss per share
figure provides a better indication of financial performance.

5. Movement in reserves

Share Profit and Total
Premium Loss Account Reserves

#'000 #'000 #'000
1 April 2003 684 426 1,110
Loss for the - (102) (102)
period
Exchange rate - (2) (2)
differences
------ ------- -------
30 Sept 2003 684 322 1,006
------ ------- -------
Note: The merger reserve was transferred to the Profit and Loss Account in the
year to 31 March 2003.

6. Analysis and reconciliation of net funds

Analysis of
changes in net
funds
1 Apr 2003 Cash Flow 30 Sep 2003
#'000 #'000 #'000

Cash at bank 872 32 904
and in hand
Overdrafts - - -
------ ------ ------
872 32 904
------ ------ ------

Cash at bank and in hand includes #2,312 (31 March 2003: #2,312) in
respect of monies held in the Employee Share Benefit Trust.

Reconciliation
of net cash
flow to
movement in
net funds
6 months to 6 months to 12 months
30 Sep 2003 30 Sep 2002 to 31 Mar 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Increase in 32 267 264
cash in the
period
------ ------ ------

Change in net 32 267 264
funds
Net funds 872 608 608
brought
forward
------ ------ ------
Net funds 904 875 872
carried
forward
------ ------ ------


7. Post balance sheet event

Since the period end, Highams Systems Services Group plc has disposed of
its shareholding in Highams Business Solutions Limited for a total
consideration of #910,000.



Sale by Highams Systems Services Group plc (Group)of Highams Business Solutions
Limited (HBS)



Introduction


The Board of Highams Systems Services Group plc announced today that the Group
has completed the sale of HBS to Surecomp Inc, a Canadian company, for a total
consideration of #910,000. Further details of the consideration are set out
below under the heading "Terms of the Sale". The purpose of this announcement
is to provide information on the sale, the consequential re-alignment of the
Group's business strategy, and why the Board considers these changes to be in
the best interests of the Group and shareholders as a whole. The net proceeds to
the Group from the sale and loan repayment, after compensation and professional
costs, are anticipated to be approximately #750,000.



Background to and Reasons for the Sale


To date, the Group has consisted of two distinct businesses. The Business
Solutions subsidiary, HBS, focussed on marketing its financial software package
Hi-Finance to a blue chip client base in banking, factoring of debts, and
asset-based leading; and Highams Recruitment Limited (HRL) which provides
specialised permanent and contract IT personnel, primarily to the insurance and
financial markets.


HBS has successfully developed and sold its software systems to users in the UK
and in Continental Europe as well as in America, Australia and South Africa. As
reflected in the Group's (unaudited) Interim Results, as at 30 September 2003
HBS had tangible net assets of #418k before debiting loans to HBS from Group,
and pre-tax profits for the six months then ended of #284k before deducting its
share of head office costs, on sales during the period of #720k.


The Group Board has for some time been aware that HBS required and merited more
support in terms of software enhancement, application development and
international marketing representation to maintain its leading position than the
Group had the resources to provide. Satisfying these requirements was seen as
important from the points of view of both clients and staff.


Therefore, as mentioned in past Chairman's Statements, the Group Board has been
seeking a "partner" who had the potential and resources to provide HBS with more
powerful support and parenting benefits. There has been a number of approaches
from potential buyers of HBS, but until recently none has offered the right
combination of a fair price to reflect the intrinsic value of HBS plus the
potential to provide the product with the benefits Hi-Finance requires for its
future development.


Surecomp is a privately held Canadian Software company that is a provider of
software solutions to financial institutions. Surecomp believes itself to be one
of the leading global providers of trade finance solutions. Surecomp has offices
in Hong Kong, New York, Israel, Germany and the Netherlands. (For more
information about Surecomp, visit their website at www.surecomp.com)





Terms of the Sale


Pursuant to the Sale and Purchase Agreement, the Group has agreed to sell the
whole of the issued share capital of HBS and has been repaid its inter-group
loan account with HBS. The total consideration, including the settlement of the
loan account, was #910,000 of which #610,000 was paid on completion, with the
balance of #300,000 being held in escrow to be paid on 31 May 2005.


Under the terms of the Agreement, Bryan Martin has entered into an employment
contract as a Vice President of Surecomp, and has resigned from the Highams
Group Board. The Group has paid him the sum of #90,000 as compensation for loss
of office. The Board greatly thanks him for his skilled and untiring work for
Highams over many years and wishes him well for the future.


Additionally, under the terms of the Agreement, Surecomp has taken a sub-lease
of part of the Group's Caterham premises for a period of up to 16 months at a
full rental which has been paid in advance.



Benefits of the Sale


As a result of the sale of HBS, the Group Board will now be in a position to
concentrate both management time and enhanced financial resources on developing
and expanding the recruitment activities of HRL. The Group Board has for some
time been aware that those activities require additional critical mass in terms
of turnover, contractor throughput and client base, and this in turn calls for
investment which the proceeds of the sale of HBS, along with the Group's
historically strong cash and balance sheet position, will greatly facilitate.
The Group Board is actively pursuing this strategy.


Further information


The Group's Interim Statement for the six months to 30 September 2003 has been
released at the same time as this announcement.






For further information, please contact:

Ted Andrews, Group Managing Director, Highams Systems Services 01883 341144
Group plc
Rick Thompson, Charles Stanley (Nominated Advisor and Broker) 020 7953 2482
David Haggie, Haggie Financial Limited 020 7417 8989

For more information about Surecomp, visit their website at www.surecomp.com









This information is provided by RNS
The company news service from the London Stock Exchange

[tett] 18/10/2003 00:10

feedthegoat
I understand that a very respectable offer was made for HSS by a privately owned company. They were refused at the last minute by the management and Board - who, at the time, decided that they preferred to go the MBO route. Nothing of this was publicly announced to shareholders.

That was some time ago - and nothing ever emerged - but maybe it is now a goer. Has all the hallmarks - lightly traded, gradually moving up as a result of very small volumes.

You may well have hit on the smelly fish in question - I await developments with interest !!!!

[tett] 17/10/2003 07:49

Interesting 8% rise for HSS despite no trades during open hours and 2 apparent sells recorded well after the market closed.

If we see press coverage in the IC or weekend press I strongly suspect smelly fish.

[kiwimonk] 30/9/2003 12:07

Hi-Finance division is well worth a multiple of the current market cap imo.
Looks very promising.

[pacman88] 26/9/2003 13:02

RNS Number:2335Q
Highams Systems Services Group PLC
26 September 2003

PRESS RELEASE
For Immediate Release

26th September 2003

HIGHAMS SYSTEMS SERVICES GROUP PLC

Chairman's AGM Statement

At the Annual General Meeting of Highams Systems Services Group plc held today
in London, all resolutions were duly passed and the Chairman Nigel Graham Maw
said:

"In our Recruitment business, the demand for permanent recruitment has remained
high throughout this financial year, whilst the early drop off in contractor
numbers has levelled out in the past three months. Frequently a quiet time of
the year for Recruitment, we were quite busy over the summer holiday period
which should benefit our second half performance.

As highlighted in our Report and Accounts, since the year end we have closed our
branch operation in the Netherlands and transferred management of the client
accounts to Caterham. The one-off closure and redundancy costs will be shown in
our Interim Results.

I also mentioned in our Report and Accounts that our Business Solutions
subsidiary had successfully concluded a licence agreement for our Hi-Finance
system with a southern hemisphere bank - I am delighted to report that this
system has now been implemented very successfully. Additionally, good progress
is being made on further sales opportunities in Europe.

We continue to seek and explore strategic opportunities for the future growth
and development of the Group."


For further information, please contact:

Ted Andrews, Group Managing Director, Highams [phone]
David Haggie, Haggie Financial [phone]



This information is provided by RNS
The company news service from the London Stock Exchange
END

AGMPUUMWBUPWGPQ

[aixam] 11/9/2003 01:02

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RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1..


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[aixam] 11/9/2003 01:02

BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...

GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION....

RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1..


CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..

[aixam] 11/9/2003 01:02

BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...BUY...

GX NETWORKS,FORMELY KNOWN AS ZIPCOM HAVE BOUGHT COMPANIES WHO HAVE SPENT IN EXCESS OF £150MILLION ON DEVELOPMENT,ALL AT COSTS OF LESS THAN £15 MILLION....

RESULTS OUT SOON, THIS BABY IS A BUY...WILL HIT £1..


CHECKOUT THE B.BOARD EPIC....GXN...ALL INFO ON THERE...HAPPY HUNTING GUYS..