Marc Hasenfuss Editor-at-large

I have written about Workforce Holdings on several occasions, which is understandable as I tend to fixate on those difficult deep-value lock-ups. I would still hold a position on Workforce had my dear wife not decided to sink funds into refurbishing the floors at Chateau Hasenfuss. Workforce — which released interim numbers recently — looks set to complete five years of solid earnings. For the past four and a half years the company, which specialises mainly in the tricky staffing and outsourcing sector, has generated about 150c a share in good quality earnings. Yet the share price sits at about 120c, suggesting Workforce’s future earnings will come under significant pressure. There is still the overhang in the Labour Relations Act, though a recent court judgment finally removed uncertainty around the "deeming" provision related to temporary employment service providers. There is also the perception that Workforce’s profits will be markedly affected by the removal of the employee tax...

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