Share Name Share Symbol Market Type Share ISIN Share Description
Work Group LSE:WORK London Ordinary Share GB00B0VP0707 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 3.00p 0 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 0.01 -0.50 -1.53 0.8

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Date Time Title Posts
03/8/201716:24Making your money WORK for you514
17/11/201317:08TARA*S GONE BACK TO WORK [14.5p] 13/01/1073
21/7/200408:41Working from Home thread20
21/8/200207:09175,000 Work Permits this year.10
19/6/200212:38SOUNDS GOOD TO ME !!!!!16

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battlebus2: We have also had selling pressure with around 500k sold over the last period and no buyers hence the current share price.
deswalker: Welcome playful. Me and BB are expecting the results either later this week or early next. As BB says they really have no excuses this time. The employment market is booming, they don't have Armstrong Craven to think about and they are now settled in their new premises. Whilst their Turnover has been decimated in recent periods gross margins are strongly improving and so with some expensive people removed from the payroll over the last twelve months one hopes that an improved top line would quickly reduce hefty Operating Losses. The drift in share price is disconcerting and may have something behind it. But equally it may be due to a few tiny uninformed sells and there has simply been zero buy side interest for quite some time (why would there be ?). Indeed your small buys moving the Offer back up shows the effect that illiquidity has on this share in both directions. Fingers crossed. Des
janeann: BB2 - Plan to stick with it for the time being, but cant say I am not disappointed in both todays update and that very recently directors bought in at c half the current share price; so perhaps I share Des' sceptisism. Time will tell - as always!
battlebus2: Not fooled by the drop on 25k shares sold, you can't buy any amount online and still sell 20k for 7.85. Update shortly should show the next direction of the share price but dyor etc....
battlebus2: Well results as expected... Operating loss of 0.1 million NFI declined by 17% to 5.1 verses 6.2 million Cash balances of 1.3 million and a further 0.3 million to come second half of 2013 from sale of Armstrong Craven. Debt free and expecting cost savings from the move to new Marble Arch premises This action will cut a further GBP0.3m per annum from the overall overhead costs, while further overhead cost savings will be achieved during the second half of 2013 as a result of the Armstrong Craven disposal and reductions in central costs. Now we are focused totally on Work Communications and have the financial resources to back the sales teams etc i hope a return to profitability will not be far of and that we have seen the bottom in the share price. Current market cap is little over cash so cheap IF we can turn a profit.
battlebus2: Work Group PLC is currently valued at £2.43 million and even with a tax charge and some indebtedness this is very very cheap now imv dyor etc. NAV19p share price 9p!!!
deswalker: There is no direct listed comparator but the closest is Penna Plc (PNA) who have just released their Finals. I can't be bothered to work it out now especially as all holders here are more than comfortable to to do it themselves but if one applies the same NFI / Market Cap ratio to WORK as to Penna then one finds a WORK share price of at least double the current level. If one adjusts for Net Cash and looks at NFI / EV then one really starts to see the difference especially with the better profit margins at WORK. Before the meeting SH was talking of three to four times the current share price level as being approppriate on a private market valuation (which I think is based on NFI). Then there's the future growth to build in too.
glasshalfull: Here's Allenby's bullish update following results. WORK GROUP  (WORK, 12.75p, £4m)                      FINAL RESULTS   Work Group continued its steady progress in spite of less than conducive markets. Armstrong Craven, its Talent Management business, which has been less affected by macro volatility over recent years, delivered revenue and net fee income (NFI) growth, albeit the rate of y-o-y growth slowed markedly  in the second half, and operating profit reduced by 5% in H1 and 9% in H2. Divisional operating profits fell by 7% for the year to £0.9m (£1.0m), nevertheless we are anticipating a resumption of growth in the business in 2012. The great success in 2011 was the return to profit in the Work Communications division where a H1 loss of £278k was followed by a H2 profit of £460k leading to a full year profit of £182k versus a loss of £21k. Earlier work by management to restructure the business and reduce the cost base has born fruit and hopefully with recruitment advertising now accounting for just 9% of income this difficult market becomes even less significant to the business.  The two overseas offices in New York and Hong Kong also boosted the Communications division posting a strong improvement in NFI over the year and delivering maiden profits. The group's balance sheet remains strong and although there was a cash outflow of £440k in the year the group still enjoys a cash balance of £1.3m and no debt; indeed a positive net cash position has been a major factor in the group's resilience for at least the past five years. It seems likely, even though markets remain uncertain, that with the Work Communications division entering the new year in a strongly profitable position the group as a whole can post a significant rise in profits in 2012. At 13p, on £1.1m clean PBT (£0.54m) we estimate a 25% taxed EPS of 3.3p. The resulting PER of just 3.9x and EV/NFI of 0.17x simply does not reflect the progress achieved by the board to date and more especially the significant rise in profits anticipated in the current year. On this basis we would expect to see the share price rise significantly over the coming twelve months. Regards GHF
deswalker: FYI just posted this on TMF .... ----- Hi All, Quick heads up on WORK. Finals out this morning ... The share price is down at 13p due a seller these last few weeks (see chart). IMO he's using the liquidity around results time to get out perhaps for tax planning. I think he's very misguided as the results this morning show. At 13p the market cap is £3.63m. As of 31 December 2011 they had £1.33m in net-cash giving an EV of £2.3m. In the second half of last year they did a pre-exceptional EBITDA of £637k and look well on the way to meeting Merchant Securities 2012 EBITDA forecast of £1.2m which would put them on an EV / EBITDA ratio of 1.92. The Outlook Statement in the Finals reads quietly very confident IMO but even if they miss the forecast by a mile they're still very cheap. They've taken lots of exceptional costs out of the business during the hiatus of the last five years but margins have improved strongly and if we are seeing an upturn in recruitment then any increase in Revenue will lead to large profits. Back in 2006 this share traded at 80p. In addition to offices in London and Manchester they have expanded into New York and Hong Kong and have seen strong growth there last year and maiden profits. Vacancies on their website indicate that trading is good and at least one is to work on the Continent so further expansion in the pipeline. No reason why they can't roll their business model out globally in due course - they are not a traditional recruiter but claim to offer something different. Finally the share register is full of people who will be eyeing strong growth and then a trade sale to a major at a multiple of the current share price. The largest shareholder is Jon Moulton (of private equity fame) with 19%. He is long at a level a fair bit higher than today and will be looking for a very good return in due course. I've held this for about two years and have built up about 1% of the company over that time. The current share price weakness alongside strongly improving results and arguably an improving macro environment would seem to offer an excellent time to get on board. An EV / EBITDA below 2 offers quite a margin of safety. IMO, DYOR Des -----
battlebus: My thoughts exactly the 2p spread will be meaningless when the recovery begins. SteMis hope you don't mind me posting the article if so just say and i'll remove it. I offer Work Group PLC (LSE: WORK). Work operates in the recruitment sector but is more focussed in managing the recruitment and retention process for larger businesses than just sourcing candidates []. As you can imagine Work has been adversely affected by the recession, especially as 28% of its income came from the banking & finance sector in 2008. Nonetheless in its recent trading statement Work confirmed it was trading at a breakeven level Underlying trading is probably better as Work continues to invest in building up its New York and Hong Kong offices which no doubt are losing money. Work is run by Executive Chairman, Simon Howard, and FD, Michael Warren. These are 2 of the 3 that set Work up in 2000 and still have 6.6% of the stock each. They previous did an MBO of Park in 1994, which they sold to SHL in 1999. So they have a track record of realising value for shareholders and a material motivation to do so again in Work. In the last two years Work's share price has fallen from 85p to 9p. Most of the recruitment sector has seen similar (if not quite so extreme) falls, although unlike most of them Work's share price has not taken part in the recent bounce. This could be due to recent selling by Morgan Stanley which had reduced its stake from 6.0% to 3.8% in the last 3 months. Currently Work is valued at a mere £2.6 million [28,622,473 shares x 9p]. That's not a lot for a company which last year had net fee income of £14.9 million. You might think that Work must carry a lot of debt then. Actually in the recent trading statement it confirmed net cash of £1.4 million (slightly down from the year end of £1.566 million). Net assets are £14.776 million (or £2.579 million if you exclude goodwill). So that's an enterprise value (i.e value less free cash) of £1.2 million. In better times, i.e. 2007, Work made an operating profit of £3.22 million. That's just in one year. The upside, when conditions improve is clear. It must also be clear to Jon Moulton. He owns 17.8% of the shares. He bought a fair chunk of those last year as the share price was falling, probably at about 60-20p. Jon Moulton is no fool. He won't be owning a large illiquid stake in a small illiquid company just for fun. The last time I owned shares in a company in which he had a large stake was Infast. It all ended rather well for shareholders with an agreed takeover. In Work the top 4 external shareholders effectively control the destiny of the company (owning 41.8% of the shares). Very much like Infast in fact. Work is a pretty illiquid stock. RSP's are offering it in lots of 5,000. There is only one market maker. If you get your broker to contact them they will deal in larger amounts, but you'll be lucky to get much below 10p to buy. That means a 25% loss just for starters (10 - 8p spread). However I think the upside is so good that 2p is neither here nor there. I do hold.
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