Skilled Group slumps on earnings concerns
December 4, 2009
Skilled Group Limited (SKE) shares slumped 15.3% in morning trade after saying that it would be unlikely to meet the broad analysts consensus of $88 million in EBITDA for the current financial year. Skilled said the poor result was partly due to a corporate strategy aimed at rebuilding the company and delivering strong results from FY11 onwards.
”Group revenue run rates are also improving but currently are slightly below the average revenue run rate of 2H FY2009,” the company said.
Blue collar labour hire, which is around 50% of SKE revenue, showed revenue was up 18% from July 2009, exceeding typical seasonal movements.
The Engineering and Marine Services division was lagging staffing hire services.
Maintenance and project engineering is yet to rebound although its order book is building.
”Offshore marine manning and vessel services is running a little below the average of 2H FY2009 and is yet to show a growth trend,” the company added.
At 1137 AEDT, Skilled Group was down 34c to $1.88.
”Group revenue run rates are also improving but currently are slightly below the average revenue run rate of 2H FY2009,” the company said.
Blue collar labour hire, which is around 50% of SKE revenue, showed revenue was up 18% from July 2009, exceeding typical seasonal movements.
The Engineering and Marine Services division was lagging staffing hire services.
Maintenance and project engineering is yet to rebound although its order book is building.
”Offshore marine manning and vessel services is running a little below the average of 2H FY2009 and is yet to show a growth trend,” the company added.
At 1137 AEDT, Skilled Group was down 34c to $1.88.
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