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Hi Paul Re STAF, did the topic of share-based payment charges come up please? As I see it these are a key element of STAF’s business model in terms of staff retention and motivation. As such I do not believe it is appropriate to treat them as exceptionals. For the years, 2012—>2015, they were £426k, £2.154m, £3.665m and £8.95m respectively... ...on adjusted PBT numbers of…

Re STAF, as I have mentioned before one needs to be careful in terms of the non-exceptional Exceptionals. Specifically, exceptionals comprise "amortisation of intangible assets arising on business combinations, acquisition costs and the non-cash charge/credit for share based payment costs". Whilst most of these are IMHO genuine exceptionals, the share-based payment costs seem to me to be a key part of how STAF run their…

Paul Re PMP, its difficult to know whether or not the decreased sales in the UK are related to the referendum but it is a plausible explanation. However, there have now been two trading statements citing weak sales in South Korea with no suggestion whatsoever as to what is causing. If you do speak with anybody at PMP, it would be interesting to know why…

Interestingly STAF present their results with the following commentary:"Underlying figures are stated before amortisation of acquired intangible assets, acquisition and exceptional re-organisation costs in A4e and the non-cash charge for share based payment costs ("SBPC")"Most of this is fine but the last of the above seems to be extremely material on an ongoing basis and consumes the majority of the underlying profits/EPS.You will see this…

PaulOn a separate tack, your Tweet yesterday evening makes a good point..."Surely the very poor weather in most of June would have been a big contributory factor in the poor construction figures today?"Cheers, Martin

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