SG Recruitment

NEX: SGRL

£13.6m market cap

115p last close

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.

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
Last updated on 15/05/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (9.8) (9.8) (28.1)
Relative* (7.6) (10.7) (23.3)
52-week high/low 160.0p/115.0p
*% relative to local index
Key management
Jonathan Sumner FD