Staffline (STAF) took another step towards delivering on its ambitious growth plans with the acquisition of welfare to work provider Avanta. The deal will propel Staffline into the top three providers in the UK and was described as being significantly earnings enhancing from day one. Broker Charles Stanley upgraded its 2014 earnings per share forecast by 16 per cent to 54.3p.
IC TIP:
Hold
at
891p
Staffline is paying £45m for Avanta,which has annual revenues of £70m. A £16m placing was announced alongside the deal. Separately, Staffline gave an update on trading saying it was confident of meeting expectations for 2014.
