Managed IT security services provider Accumuli says that its figures will be inline with expectations in the year to March 2012.
Revenues of £12.5m and a profit of £1.7m are forecast. The profit is expected to improve to £2.4m in 2012-13.
There was £2m in the bank at the end of March 2012.
Despite early financial discrepancies, Boxing Orange performed strongly enough to earn its vendors deferred consideration of £443,000, of which £420,000 has been provided for in the interim accounts.
All the company’s acquisitions, except for Webscreen, have been rebranded as Accumuli Security. The expected cost reductions have been made - £400,000 of savings were expected from integrating Boxing Orange.
The main focus is widening the services offered particularly in Security Information Event Management (SIEM).
At 11.5p a share, Accumuli is valued at £16.2m.The shares are trading on 10 times prospective 2012-13 earnings.
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