Bought at: 39p (April 2012)
Sold at: 50p (May 2012)
RECRUITMENT COMPANY SPRING GROUP (Chapter 3) had a strong balance sheet, but not all value investments have to be able to boast this. Morson Group, for instance, had a far weaker balance sheet, with quite some debt. Nevertheless, it still made sense as a deep value investment.
Morson Group – “the UK’s leading provider of technical contracting personnel to the aerospace and defence, nuclear and power, rail and other technical industries” – was a recruitment company similar to Spring Group but with a focus on different sectors. The company was listed on the London Stock Exchange’s AIM market on 30 March 2006, at an issue price of 160p, giving the group ...