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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Public Rec. | PUG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 34.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 34.00 | 34.00 |
| Top Posts |
|---|
Posted at 25/9/2007 09:58 by nickcduk Results were decent enough I thought this morning. Debt is being reduced nicely and once the exceptional items start to fall away it will become more apparent to investors how cheap PUG is at current levels. It also has strong defensive qualities versus the rest of the wider recruitment sector. |
Posted at 26/4/2007 08:47 by nickcduk Stemis/Kimboy - I think your being a little too pessimistic on PRG. LJ isn't known for his genorosity and the very fact he didn't go in with a low ball offer over the placing price suggests he obviously thinks there is some major upside in PUG. He isn't in this for 20-30%. He is probably looking for a multi bagging opportunity here which is why its good value around current levels imho. |
Posted at 26/4/2007 08:37 by its the oxman hi again , also out of bnh now but may yet return - consider my pug punting money - also alas not a huge stake for me (although comfortably in profit)- anyway hopefully further gains for all of us from here. |
Posted at 23/4/2007 16:09 by stemis I don't think the disposal makes much difference. PUG were already pretty cheap, but its the debt which is keeping it so. For what its worth my reasons for selling were:-1. Trading if you read the 2006 accounts you'd think they were growing pretty well; turnover up, operating profit up and margins up. However, turnover is only up because of the full year impact of acquisitions (which to be fair they do say). What they don't say is that operating profit is only up because of the accounting treatment of share options. The 2006 year benefits from £528,000 of 'profit' from share based payments and 2005 suffered from £521,000 of cost. The swing in effect is therefore £1,049,000. Adjust for that and operating profit is up only marginally and PBT is well down. Not good when 2006 benefited from the full year impact of acquisitions. Underlying performance is therefore deteriorating. The 2007 year will suffer from the loss of one off profit relating to share based payments. Worse is that this fact is hidden away in the accounts (you can spot it in note 27 reconciliation of operating profit to cashflow, in which the profit is deducted from profit as not being cashflow). I don't like this sort of misrepresentation, 2. Debt disappointed with debt numbers. The problem is contingent consideration. Any improvement in trading is going to lead to more deferred consideration payable. See note 26 maximum amount of contingent consideration is £17.2M. This is not included in analysis of net debt (see note 29). I just don't see them working the overall debt level down in any realistic timeframe. The market is just not going to re-rate them unless they do. 3. Directors remuneration the highest paid director, presumably the Chief Executive, got £411,000 in 2006 (up from £366,000 in 2005). Four directors (2 of which are non exec) received £759,000. I presume salaries for the 2 appointed on 11th December were included only for the 3 weeks they were directors. I'm sorry I think that's outrageous for a company PUG's size. The FD owns no shares in the company and the CEO's shares are worth less than 6 months remuneration. If they are so cheap why aren't they buying? All they are doing is awarding themselves big deferred shares at nil cost to themselves. The directors seem fat and happy presiding over a very poor share price and have little financial motivation to do much in the short term. |
Posted at 02/3/2007 08:12 by nickcduk Ive been watching PUG as well Rivaldo but I cant overcome the issue with debt. Its way too high and if trading turns down for any reason they will break bank covenants very easily. Will stand on the sidelines still i think. |
Posted at 23/2/2007 09:00 by sleepy Well Tilton in terms of excitement I guess PUG is at one end of the spectrum and NAD at the other. |
Posted at 23/2/2007 08:54 by tiltonboy What's this, an upward movement in PUG!!!!!!There is an analysts meeting at 9.30 next Friday, after the results. tiltonboy |
Posted at 06/2/2007 15:49 by tiltonboy Sleepy,At least we won the cricket!!! I think EJ has done enough to make the World Cup squad, even if Vaughan is fit. As for PUG, can't somebody come along and put them out of their misery. tiltonboy |
Posted at 06/2/2007 15:05 by amberspyglass HLO has been buying quite a few small businesses which typicall sell for between 1 and 3 x annualsied gross margin. bigger businesses are going for multiples of 7-10 on post tax net profits. pug has a dangerous amoutn of debt (downturn in social work or teachers = doom) which is ipmacting on share price. if they can get rid of one of their division snd elimiate a substantial part of debt there share price may rise disproportionatelty. |
Posted at 06/2/2007 11:59 by kimboy2 There are by my reckoning only two shareholders with over 1m shares so presumably it is one of them selling.NSR is another interesting comparison with PUG. It is a bigger company but has a proportionately similar level of debt to PUG but a rating well in excess. I suspect that PUG is now more prey than predator but I don't think offers are going to be attractive enough to make them worthwhile. HLO has been buying on very low P/E's. |
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