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Empresaria - Buys aviation recruiter

August 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Empresaria has acquired 82.6% of Rishworth for US$10m (£7.5m). New Zealand-based Rishworth is a recruitment specialist providing pilots and aviation personnel to clients including Norwegian Long Haul, Korean Air and Vietnam Airlines with a significant presence in Europe, Africa and Asia. It is a 100% contract recruiter, with pilot contracts typically lasting 3-5 years. For the year to end 31 March Rishworth had sales of £73m, net fee income of £4.7m and adjusted operating profit of £1.9m. Applying a 28% NZ tax rate, it equates to a 6.6x exit multiple making the deal eps enhancing. Arden has raised this year’s forecast by 4% to eps of 11.3p and by 13% to 13.6p next. Results due 18 August. Stron ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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