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Primeserv Share Analysis |
30 Nov 2013. Primeserv failed to impress me from the minute I looked at its its website, which wasn't working. Its cash position is terrible - if anything looks remotely like going wrong, I suspect this it could be in big trouble (e.g. if part of the R100m trade receivables turns into a bad debt).
On the other hand, if it just manages ordinary results, it could do very well! So, if you haven't been to Grandwest for a while...here's an opportunity for your mad money.
Primeserv focuses on:
Human Capital Development operating as Primeserv HR Services.
Human Capital Outsourcing operating as Primeserv Outsourcing.
Discontinued a Colleges business in the year to 31 March 2013.
White collar professional draughting.
Blue collar flexible staffing.
Revenue from continuing operations fell by 6% to R321m, but gross profit from continuing operations increased by 10% to R51m - due to more trading with higher margin clients & a reduction in volume of lower margin business. There was an 18% fall in depreciation & amortisation, which wasn't explained.
Cash & cash equivalents of R6m. Bank borrowings of R47m.
-R42m!
Deferred tax asset of R11m. Tax payable of R1m.
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