1 March 2017 – final results
The international staffing group has announced final results for the year to 31 December 2016 and these have shown impressive growth with net fee income increasing by 20% to £59.0m (2015: £49.2m) and adjusted pre-tax profit increasing by 23% to £9.2m (2015: £7.5m). Earnings per share on the same basis were 14% higher at 11.3p (2015: 9.9p) and the dividend was raised by 15% to 1.15p (2015: 1.00p). The group has now recorded 14 consecutive quarters of growth in net fee income and five consecutive years of double digit percentage growth in adjusted earnings per share. Investments made during the year meant that net debt at the year end had risen to £10.5m (2015: £7.3m) although these acquisitions should benefit the group going forward. In the current financial year, pre-tax profits are forecast to rise to £12.6m for earnings per share of 14.2p. Given the track record the current rating does not look expensive and even after the strong rise in the share price the stock remains ATTRACTIVE.