20 March 2018 – acquisitions
The company has announced three recent acquisitions. Most significant of these is Endeavour Group Limited and its subsidiary Vital Recruitment, which was incorporated in 2006 and is a leading blue-collar recruitment business in the East of England. It has a focus on the Food, Agriculture and Logistics sectors. The acquisition supplements existing Food and Agriculture offerings in the East of England. Endeavour’s audited accounts for the year to March 2017 show turnover of £83m and a profit before tax of £0.5m. The acquisition is expected to be earnings neutral in the current year and has been funded out of Staffline’s existing resources. Two smaller acquisitions were also completed last month, both with an annual turnover of less than £5m and a profit before tax of less than £0.5m. UK Distribution Personnel Limited is a driver recruitment agency based in the South East of England and the M&B Staff Services is a staffing recruitment business based in the Republic of Ireland. The shares continue to look good value and we keep our BUY rating.