25 May 2012

Interim surge at Highams

04/11/2010 Robert Tyerman

Niche recruiter Highams Systems Services Group expects further growth after lifting first-half profits threefold to £123,000 pre-tax.

The Surrey-based AIM company, which also provides IT and other services mostly for smaller insurance and financial concerns, increased turnover 17 per cent to £4.4 million in the six months to September.

Steered by managing director Mark de Lacy, Highams, which turned £300,000 losses into £131,000 profits in the year to March, says it is still selectively recruiting its own new staff and maintaining 'firm control' over costs as market activity continues to improve. Chairman Ken Ford, former head of stockbroker Teather & Greenwood, comments 'we have benefited from both our longstanding relationships with existing clients and from a range of new clients.'

He concedes competition and customer buying behaviour remain 'challenging' in current uncertain economic conditions, but contends 'we have strong networks and an ability to react quickly to our client needs.' Ford adds Highams expects the second half 'will show further improvements in turnover and profit.'

Analysts reckon the company will increase full-year pre-tax profits more than 130 per cent to £310,000, with earnings of around 0.4p a share. That implies an undemanding prospective earnings multiple of 10 for the shares, which have doubled to 4p since Growth Company Investor highlighted them a year ago and now value the company at £2.8 million.

Hold on.

Tags: AIM, Growth Stocks, Turnaround

Sector: Support Services

Companies: Nakama

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