SG Recruitment

NEX: SGRL

Market Cap£14m

Last Close 117p

SG Recruitment (previously Healthperm Resourcing) is a healthcare recruitment business, established to address the significant shortfalls in healthcare professionals in the UK, Ireland and the Middle East. It supplies permanent employees, sourced mainly from the Philippines.

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Investment summary

Healthperm’s H118 results showed strong revenue growth of 188% and a 281% rise in gross profit. Revenue was boosted by a 188% rise in the number of candidates deployed and gross profit has benefited from an improved mix. The company remains loss making as its ramp-up phase continues but the outlook is positive, supported by a good run of contract wins and entry into new markets. We have maintained our estimates and valuation.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2016A 0.0 (1.7) (1.8) (20.8) N/A N/A
2017A 0.2 (1.7) (1.9) (23.9) N/A N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A
Content on SG Recruitment
Healthperm Resourcing – Positive H118 results
Industrials | research Update | 4 October 2018
Healthperm Resourcing – Large opportunity in healthcare recruitment
Industrials | research Initiation | 29 August 2018
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Sector
Industrials
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 1.7 1.7 (8.2)
Relative* (3.0) (5.8) (20.17)
52-week high/low 127.5p/115.0p
*% relative to local index
Key management
Jonathan Sumner FD
Company website

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