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Accumuli
- BY: Andrew Hore |
- POSTED: 25/11/2012 |
IT security services provider Accumuli plans to grow by offering an overall service to customers that will generate high margins for the company.
Many of its rivals only offer part of the IT security services required and some of these suppliers already outsource part of their contracts to Accumuli, particularly at the higher end of the market. This means that there is not much competition in the enterprise segment of the market. In order to exploit this market position marketing and brand promotion spending will increase. The strategy is to focus on the higher margin products and services and cover overheads from recurring revenues, which are currently 47% of the total.
In the six months to September 2012, revenues grew from £5.5m to £6.7m, while EBITDA rose from £1m to £1.2m.
The figures include three months from recently acquired EdgeSeven. Accumuli paid an initial £800,000 with a further £3m payable depending on performance to September 2013 – to be paid one-third in cash and two-thirds in shares. Accumuli has provided £2.6m for the deferred payment.
Accumuli has £1.5m in the bank. A maximum of £1m in cash could be payable for EdgeSeven at the end of 2013.
More acquisitions are planned but targets need to be high margin businesses. These acquisitions could provide additional technology and skills.
Underlying profit is forecast to improve from £2m to £2.4m in the year to March 2013. At 10.75p a share, Accumuli is valued at £16m. The shares are trading on nine times forecast earnings.
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