News blog
Acertec
- BY: Andrew Hore |
- POSTED: 01/04/2008 |
- COMMENTS: Add yours
Steel products manufacturer Acertec has refinanced its debt.
Its £83m revolving credit facility has been extended until the end of April 2009. However, it will have to pay higher interest rates and Edison Investment Research estimates that a fee of £1m may have been charged. Now that it has the facility in place Acertec needs to negotiate a longer-term facility to replace it. Net debt was £64.1m at the end of 2007. This is expected to rise to £76.5m by the end of this year because of the investment in Russian capacity.
Acertec reported an underlying pre-tax profit of £9.2m, down from £10.8m, on revenues 3% lower at £323m in 2007. No final dividend is being paid.
BRC, which supplies engineered steel products used in concrete construction, generates the majority of revenues but slightly less than half of operating profits. Accounting irregularities at BRC led to the sharp fall in the share price last year.
The Stadco automotive pressings business plans to open a joint venture factory in St Petersburg next January. This facility will supply Ford. In the UK it has had to cope with the closure of MG Rover.
At 33.5p, the company is worth £17.2m. Edison forecasts 2008 profits of £8m and a prospective multiple of well under five. That rating takes account of the high borrowings.
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