# PPE - Peoplein Limited



## System (30 October 2017)

People Infrastructure provides contracted staffing and human resources (HR) outsourcing services to enhance the HR function of its clients. Services provided by People Infrastructure include recruiting, on-boarding, rostering, timesheet management, payrolling, and workplace health and safety management.

People Infrastructure first began operating in 1996 and over 20 years has grown to approximately $200m in revenue with 17 locations around Australia and New Zealand. 

It is anticipated that PPE will list on the ASX during November 2017.

https://www.peopleinfrastructure.com


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## Dona Ferentes (12 April 2020)

PPE's principal activities are provision of workforce management, contracted staffing, recruitment and human resources outsourcing services. Services provided by the Group include recruiting, on-boarding, contracting, rostering, timesheet management, payroll, and workplace health and safety management.

People Infrastructure operates under three main industry sectors being Health and Community Care, Information Technology and General Staffing and Specialist Services.

_ - Was pottering along, but probably suffering a bit through the Covid pullback, although they claim to be doing OK. Now seeking more capital, at $1.10 a share. A $12million placement and $5.5million SPP

*Trading Update *
• Record revenue up 44% Feb-YTD v pcp
 • Record normalised EBITDA up 53% Feb-YTD v pcp 
• Strong cashflow generation in the 3 months to 31 March 2020 with net debt decreasing by $4m

*Impact of COVID-19* 
• Minimal impact on community services staffing business, general staffing business, facilities maintenance business, IT contracting business and contract planting business; Increased general staffing work for food processing clients 
• Hospitality payrolling business and child-care staffing business experiencing short term downturn 
• Some unpredictability with respect to nursing and permanent IT businesses
_
*Acquisition and Investment Opportunities*
• A number of attractive investment and acquisition opportunities expected to emerge in a subdued market
• Expected to be one of the few companies in the staffing market seeking acquisition opportunities over the next 12 months







I'd call that smashed. Debt a bit high.


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## Dona Ferentes (25 September 2020)

> • Produced an EBITDA result close to pre-COVID consensus.
> • Their largest verticals within Healthcare and IT showed strong resilience.
> • Average relationship length with their top-20 customers is 8.5 years.
> • Net cash balance sheet provides opportunity to capitalise on a highly fragmented industry



as articulated by Naos (NEC) as one of their LT holds

MC under $200mill, steady as she goes (buy in weakness, as PE close to 20?)


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## Dona Ferentes (20 June 2021)

_well, amazing the difference a year makes. At $1.00  and a cap raise at $1.10, shares in PPE could have been seen as a bargain thrown out by Covid bathwater_.

There have been management changes (Leadership Transition), and acquisitions

Dec 2020: acquired *eCareer Employment Services Pty Ltd and Illuminate Search and Consulting Pty Ltd.* (which was established in 1999 and is a leading technology staffing firm focused on the NSW market, with Victorian operations.... primarily a provider of on-hire technology contracting personnel to NSW Government and blue-chip corporates in the banking, finance and insurance sectors.  The business has 16 internal staff and on-hires approximately 200 technology professionals to its customers. The acquisition price for the Business is approximately $5,150,000)
March 2021: acquired *Swingshift Nurses *Pty Ltd for $3.1million ( established in 2000 and is a leading nursing agency focused on the mental health market. It is a contracted preferred supplier to most public sector hospitals in Victoria.  )
June 2021: acquires Techforce Personnel Pty Limited (for $13.4 M); *Techforce Personnel* is a leading provider of casual workers in Western Australia and South Australia. It provides staff to a range of industries, with a large focus on the industrial services and mining sectors. 
June 2021: acquires Vision Surveys (Qld) Pty Ltd  (for $6.7 million); *Vision Surveys (Qld*) is a multi-discipline surveying business servicing metropolitan and regional Queensland, with a focus on large infrastructure projects, construction and residential development and buildings.
Organic Business Units continuing to grow: *Homecare *(Healthcare) and *Facilities Maintenance*

_* Opportunity for Acquisitions *_*: *a further $50M (?) ... Funding through debt and free cash flow whilst keeping a conservatively geared balance sheet

_As markets emerge from the impacts of COVID-19 pandemic including Technology (particularly in VIC), Healthcare, Childcare and Hospitality, we expect to see positive flow-on impacts in H2 results. _

_We do not anticipate any further JobKeeper payments during H2 _
_We shall continue to focus on complimentary acquisitions across all solutions lines – Staffing, Business Services and Operations Services._
_Continuing investment into scaling our new internally generated business units – Homecare and facilities maintenance and developing a rural and remote nursing  business unit (initially in QLD) during 2H FY 21._
_Expect total normalised EBITDA (calculated as per the results) to be in the range of $35m-$37m. This guidance may change in the event of an unforeseen macroeconomic shock domestically, or the imposition of further Covid-19 related restrictions _


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## System (16 December 2021)

On December 16th, 2021, People Infrastructure Ltd changed its name to Peoplein Limited.


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