25 May 2012

Maiden divi from Work Group

05/01/2007 Robert Tyerman

Recruitment specialist Work Group says 2006 results will be ‘comfortably in line with expectations’ and plans a 0.4p payout.

London-based Work, which came to AIM in March with a £7 million placing at 80.5p, more than doubled pre-tax profits to £767,000 in the half-year to July after making £835,000 pre-tax for the whole of 2005. In a trading statement today, chairman Simon Howard says the acquisitive group scored ‘a number of significant client wins’ last year that, together with continued commitments from existing clients, make him ‘optimistic that 2007 will again deliver strong organic growth’.

Work is also pursuing acquisitions in a sector seen as ripe for consolidation. According to Howard, the company is ‘in dialogue with a range of prospects’, though ‘we will only make acquisitions which will be earnings-accretive [sic] and will enhance the group’s service offering’.

With strong institutional following, Work shares have traded in a narrow range of 80p to 87p since flotation and now stand at 80.5p, up 9.25p today, valuing the company at £20.5 million.

The right deal could liven things up.

Sector: General Industrials

Companies: Work

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