FY15 was a busy year for Staffline. Activity included a clutch of acquisitions, 70 OnSite site gains (net, but including acquisitions) and a number of smaller employability contract wins. PBT jumped +34% to £28.3m (in-line with PG forecasts), though balance sheet leverage disappointed (net debt £63m Dec-15 vs £17m Dec-14, PG original estimate £42m). Given the recent OnSite wins management has indicated that trading is ahead of expectations and we are raising our FY16 P

27 Jan 2016
Panmure Morning Note 27-01-16

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Panmure Morning Note 27-01-16
Staffline Group plc (STAF:LON) | 46.2 0 0.0% | Mkt Cap: 58.6m
- Published:
27 Jan 2016 -
Author:
Adrian Kearsey -
Pages:
3 -
FY15 was a busy year for Staffline. Activity included a clutch of acquisitions, 70 OnSite site gains (net, but including acquisitions) and a number of smaller employability contract wins. PBT jumped +34% to £28.3m (in-line with PG forecasts), though balance sheet leverage disappointed (net debt £63m Dec-15 vs £17m Dec-14, PG original estimate £42m). Given the recent OnSite wins management has indicated that trading is ahead of expectations and we are raising our FY16 P