Public Recruitment Share Discussion Threads

[rivaldo] 03/5/2006 20:45

Thx for that david77. Glad to see no plans for more acquisitions as the recent ones need bedding in first. I haven't seen the AGM resolutions, but I don't suppose they've got permission for buybacks have they? They probably wouldn't see it as a good use of funds anyway. Some director buying would go down extremely well as Kimboy2 says.

Nice to see 4.5% of the shares in issue traded today. Hopefully sellers are or are nearly out, leaving a clear run for those who can see the value in this highly profitable business on a P/E of just 3.9.

[david77] 03/5/2006 17:32

I went to AGM today. 4 dirs, 3 shareholders and 8 others (I dunno what they do) were present.

Business doing ok, clearly thought that share price was much too low at the low 30s and I get the impression that they think that shareprice is still too low. Didn't want to finance recent purchases with shares. Barclays happy to provide finance.

No immediate plans for further acquisitions. Wanted to be in top three companies in chosen fields - they have achieved that aim.

Bridgewell not expected to produce a report on the business.

[kimboy2] 03/5/2006 16:56

It would be nice if it was the directors getting stuck in.

I presume Bridgewell will now produce some sort of note and forecast. Is anyone able to get hold of it when they do?

[empirestate] 03/5/2006 16:46

those large numbers going through looks like the overhang clearance, should see it shift tomorrow on small buying if it is

[empirestate] 03/5/2006 15:30

this must be the start of the head north, it has been long overdue but it needs to break atleast 41 bid to be sustained

[Abuse team] 03/5/2006 14:38

Post removed by ADVFN

[vida] 03/5/2006 14:31

Tilton,

I do not really see this as an issue. Clear reference to maintaining margins (implicitly growing them), and in the final report we had...

"Conversion of net fee income to normalised EBITA* increased to 32.2%
(2004: 23.4%)".

Clearly this is their preferred metric. Looks good from where I am sitting as it allows earn-outs to be paid from strong cash generation, and possible future acquisitions. Perhaps market will wait to decide though.

[tiltonboy] 03/5/2006 14:12

I just have a little concern on the margin front, but overall the shares still look too cheap.

tiltonboy

[cloudfall] 03/5/2006 14:05

Word has just got to get out now. Doesn't matter how good value it is if no one is looking. Hopefully some investor mags will pick up on this. BTW: Of those of who think this is a buy, how many have rated it as such on ADVFN?

[stemis] 03/5/2006 12:25

Bang on as expected and I took another 15,000 as the news landed.

[rivaldo] 03/5/2006 12:23

The upside here must look pretty tempting for newbies now....could be a doubler from here and the ratios would still look cheap imo.

[njp] 03/5/2006 12:15

You're not wrong, vida. Just waiting for the market to catch up.

[vida] 03/5/2006 12:10

Trading Update
Goodness me! This really does have a low pe ratio. Really must be a buy!



RNS Number:3522C
Public Recruitment Group plc
03 May 2006

Public Recruitment Group PLC

Trading Update



Public Recruitment Group PLC (the "Group" or "PRG"), the public sector
recruitment and services group specialising in the areas of education,
healthcare and social work sectors, will today hold its Annual General Meeting
at 2.00 p.m. at Citigate Dewe Rogerson, 3 London Wall Buildings, London Wall,
London, EC2M 5SY. At the meeting, Rich Benton, Chairman of PRG, will provide
the following update on current trading to shareholders:


'I am pleased to report that the early months of 2006 have seen continued
progress by the Group.


Revenue has continued to grow organically and the strong conversion of net fee
income to profit is being maintained.


Education revenue has been flat year on year but has seen an improved margin.
The health sector has stabilised and good revenue growth has been achieved,
albeit at the expected lower contracted margins. The social sector has also seen
revenue growth although the impact of vendor managers has subdued margins.
Overall, the results to date are encouraging.


The new banking facility with Barclays is in place and this will support the
Group's future growth plans.'


Public Recruitment Group PLC will announce its interim results for the six
months ended 30 June 2006 in early September 2006.

[empirestate] 28/4/2006 10:36

nice to see a couple of decent buys

[pictureframe] 27/4/2006 12:30

looks like mms happy to leave the shareprice for the day

[njp] 27/4/2006 10:58

Paying a penny over bid online but asking full offer.

[pictureframe] 27/4/2006 10:53

looks like a big order is being worked at the moment

[cloudfall] 27/4/2006 10:30

Great news for a change! and .. assuming news from the AGM is good. I can see this at 80p-100p within a matter of weeks.

[kimboy2] 27/4/2006 09:31

david77,
I think the only real questions that remain relate to trading. I think we will get a trading statement with the AGM statement so I suspect that they will be willing to expand upon it.

They aren't going to give you precise figures I suppose so the trick is to try to get as precise a number as possible without mentioning a number. I would do this by relating questions to past periods.

Suggested questions.

1. Is the turnover in the 3 divisions, without the recent acquisitions, above the level of H1/05?
2. Are the margins being maitained?
3. They said they had reduced overheads in the finals. See if they are willing to quantify.
4. I would ask how the 2 recent acquisitions are going. Kellis and JCJ produced £1m operating profit in the short while they had them. It would be interesting to know the split of profit.
5. I would also be interested to know if they have national coverage in all 3 divisions. If not can this be achieved organically, i.e. opening offices, or does it have to be by acquisition.
6. Is Bridgewell going to do a report? Is it going to be avaialble to PI's?

I have never been to an AGM but undestand them to be very badly attended which can give a PI a virtual free rein with the board. A real equaliser with the institutions.

Anyway just a few suggestions. No doubt others will think of some.

[pictureframe] 27/4/2006 09:24

MMs putting a 50k buy through now so it looks like a sell. sneaky !

LONDON (AFX) - Public Recruitment Group PLC, which specialises in education,
healthcare and social work recruitment, said it has set up new banking
arrangements that will allow it to settle a variety of so-called earn out
obligations without heavily diluting earnings for existing shareholders.
An increase in the overall banking facility will allow outstanding earn out
payments to the sellers of Kellis Group Ltd and JCJ Ltd to be settled in cash
and loan notes rather than in PRG shares.
"It allows us the option of settling all currently outstanding earn outs in
a combination of cash and loan notes, thereby avoiding a heavy dilution of
earnings for the existing shareholders of PRG," said chief executive Darren
McLaney, adding: "The facilities that we have agreed with Barclays will be
sufficient to fully support our future growth plans."
Barclays Bank PLC is to replace Fortis Bank SA/NV with immediate effect. The
new facility totals 30 mln stg and is made up of term loans of 16.5 mln stg,
invoice discounting of up to a maximum of 12 mln and a revolving working capital
facility of 1.5 mln.

[pictureframe] 27/4/2006 08:53

thanks david, I may go if I get the time.

[stemis] 27/4/2006 08:50

david77,

Memorise the face of the CEO before you go :-)

It wouldn't suprise me if we got a trading update at the AGM

[david77] 27/4/2006 08:46

Next Wed, 3 May, at Citigate Dewe Rogerson, 3 London Wall Bldgs, London Wall, London, EC2M 5SY at 2pm.

[pictureframe] 27/4/2006 08:40

when is the agm please?