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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
InterQuest Group (ITQ) has updated that “trading has continued to be strong and in line with management expectations” and announced “following a comprehensive search, it has reached agreement with Chris Eldridge to become CEO”
Eldridge has over 20 years' recruitment sector experience and for the past 10 has been Global Head of the Technology practice at fellow recruitment consultancy PSD. He is expected to take up his role at InterQuest on 2nd May 2016, with the company adding that it “is also continuing its search for a new CFO to succeed Michael Joyce as announced on 27 August 2015. The board has identified a shortlist and is highly encouraged with the quality of the candidates it has seen”.
This follows the July-announced resignation of CEO Mark Braund being followed by news that Joyce was to follow – though we noted then that an increasingly devolved operational management and the company’s experienced founder, major shareholder and previously non-executive Chairman Gary Ashworth reverting to an Executive Chairman role offered reassurance - and the now again noted continuing strong trading looks to further support this view.
Ashworth considers that “InterQuest is now better placed than at any time in recent years and expects to benefit from its specialisation in its high growth niche markets where it enjoys market leadership”. This is with the company a specialist in technology, analytics and digital markets and its interim results looking to put it on course for full-year earnings per share of 11p+ (a pre-tax profit of more than £5 million, 2014 earnings per share: 9.6p) and a further fall in net debt.
The shares have nudged ahead to 86p on the back of the latest announcement, though we continue to consider the rating here much too harsh and the shares a value recovery buy.
This article first appeared on the Nifty Fifty website run by Tom Winnifrith, Steve Moore and Lucian Miers - sorry paying customers come first . To read Lucian's next shorting idea this weekend and to catch the next value investment share tip from Tom & Steve out shortly click HERE
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