Shares digital

Manpower Software (MNS:AIM) – Interims PTP: £0.61m (£0.55m) Divi: n/a (n/a)

A strategy laid down two years ago has begun to reap rich rewards at the provider of workforce planning, scheduling and management software, where a slew of contract wins at the NHS drove the top line strongly upward.

A further dozen NHS Trusts have bought the £26 million cap’s MAPS software, taking the total to 27, and the first half’s sales in healthcare exceeded those of the whole of last year. However, Manpower’s shares slipped 8% to 57p, as a 35% jump in costs restrained operating profit growth and margins. The West End-based firm has continued to invest in its sales and service capability, and also hired Ian Bowles as chief executive last May, following Richard Morgan-Evans’ retirement.

Shares says: A prospective PE for 2008 in the high teens seems fair, given the rapid organic growth.

by: Russ Mould