Nestor Healthcare Share Discussion Threads

[seangwhite] 04/11/2004 22:30

Bobbing along at this lowish level

[m.t.glass] 13/10/2004 15:01

Down she goes again. (Note those 3750 trades whenever there's any action on this stock).

[m.t.glass] 04/10/2004 11:38

NSR rally over? Hope so - gone short.

[m.t.glass] 30/9/2004 12:54

Somebody certainly loves it this week!

(And note the ever-present 3750 trades)

[m.t.glass] 30/9/2004 12:44

Somebody loves it this week!

(and those (automated?) 3750 orders keep showing every day..)

[hyder] 30/9/2004 00:15

With retrospective chart for the inquisitive and nosey:-)

[gausie] 29/9/2004 16:42

MTG - u involved in NHS?

[m.t.glass] 28/9/2004 23:55

Just tried a quick google through recent headlines and saw this:

Nestor takes the axe to 1,200 jobs after £53m loss
By Stephen Foley
23 September 2004
The Independent

Nestor Healthcare, the medical staffing company, is laying off 1,200 people after its failed bet that changes to the contracts of GPs would lead to more private sector work covering out-of-hours calls.

The company admitted that its misjudgment would wipe almost £60m from profits this year, as it unveiled a restructuring plan that will result in the closure of a fifth of its branches across the country and its state-of-the-art call centre in Sheffield. The workforce will shrink from 4,700 to 3,500.

Local health trusts are taking over responsibility for out-of-hours cover and have opted to make in-house arrangements rather than rely on the private sector. Instead of the expected ramp up in demand for its services, Nestor's Primecare has lost half its existing business.

The company is also facing difficulties in its nursing business, after the National Health Service has reorganised to reduce its reliance on expensive private agencies.

In total, 51 Nestor branches will close, with the bulk of the job losses - 800 - falling at the Primecare branch network. Some 250 jobs will also go in Sheffield with the closure of one of two call centres built to accommodate the expected demand for out-of-hours doctors. Nestor is keeping open the centre in Birmingham.

Justin Jewitt, Nestor's former chief executive, has already paid with his job for the debacle. He championed the £113m acquisition of Primecare in 2001, paying in part with a share issue at 475p. The shares were up 4.5p yesterday to 102.5p.

A £48.6m write-down of the value of Primecare was the main reason for Nestor's plunge into the red at the interim stage. Pre-tax losses were £52.9m, compared with a £6.2m profit last year. The total of exceptional charges in 2004, when redundancy costs are added in the second half, will be £58.3m. The company also passed on its interim dividend.

Stephen Booty, who has been acting chief executive since Mr Jewitt's departure in May, said that trading in the nursing division had been stable for the past four months, now that changes to the NHS have bedded down.

And he said that the group remained committed to Primecare and optimistic that it could win new business when the primary care trusts have settled on their new out-of-hours arrangements
-----------------------------------------

I seem to recall reading that one of its founders has recently launched a smaller rival on AIM(?)

[m.t.glass] 28/9/2004 23:47

Chart seems to have done a bit of everything since our Dec 2002 opinions! Dropped from 220p to 170p in the quarter I was looking at. Then surged to 50% up from where we started (100% up from the dip).. And now worth around half where it started.

I shorted it for the last few days of its recent downward run, and a couple of spells earlier, but it seems to have perked up on news of its jv with Carillion to tender for contracs that seems a bit away from its normal field. (I haven't studied the details). With the NHS taking so much agency staffing in-house lately it's taken quite a bashing. Are you looking at this week's rise as something that may last?

mtg

[hyder] 28/9/2004 19:25

MTG
It did turn out quite well almost doubled after my December 02 post.

I didnt back it at the time wish I had, hindsight and historic charts are wonderful things.

It seems to have fallen on hard time of late therefore I concede that you were 50% right with the content of your post above.

[empirestate] 22/9/2004 09:40

plenty of cash, plenty of profit, still a good business, action taken swiftly
to improve situation, not a bad story from here on

[empirestate] 22/9/2004 09:35

classic recovery from here, firming nicely now

[m.t.glass] 22/9/2004 08:06

Today: "Nestor Healthcare omits interim divi as profits slump"

Two days ago meanwhile: "The deposed founder of Nestor Healthcare will be nursing a £4m paper fortune when his new care business joins the Alternative Investment Market in November. Mike Rogers will retain a 20% stake in Careforce."

[eastbourne1982] 19/9/2004 17:22

Not good at all, things just get worse and worse for Nestor, was anybody short, I have no position.

[matthewa] 19/9/2004 17:04

LONDON (AFX) - The new chief executive of Nestor Healthcare Group PLC,
Stphen Booty, is expected to announce a 60 mln stg write-off when the group
reports interim figures this week, The Sunday Times reported.
The half-year dividend is also likely to be axed, The Times added.
The biggest write-off will be against the goodwill paid for Healthcall, the
business which took the group into GP out-of-hours services, which could amount
to 50 mln stg.

[matthewa] 19/9/2004 17:04

LONDON (AFX) - The new chief executive of Nestor Healthcare Group PLC,
Stphen Booty, is expected to announce a 60 mln stg write-off when the group
reports interim figures this week, The Sunday Times reported.
The half-year dividend is also likely to be axed, The Times added.
The biggest write-off will be against the goodwill paid for Healthcall, the
business which took the group into GP out-of-hours services, which could amount
to 50 mln stg.

[m.t.glass] 16/9/2004 10:28

Nestor turning grimmer - again. To close at an 8yr low?

[slapmeharder] 13/9/2004 16:25

why are these posts being removed? It's rare enough to see a post on this board without it being nicked by BB.

[shirishg] 13/9/2004 00:49

Post removed by ADVFN

[shirishg] 29/8/2004 19:29

Post removed by ADVFN

[happyjoe] 18/8/2004 18:19

fatso.. if you like the recruitment sector look at PUG

[m.t.glass] 18/8/2004 13:11

glancing at pattern of trades, some games being played methinks :o)
(quite often happens with this stock)