News blog
Avesco Group
- BY: Andrew Hore |
- POSTED: 26/06/2008 |
- COMMENTS: Add yours
Avesco expects a strong second half thanks to the Olympics and Euro 08 Championships but next year will be tougher.
The broadcast and presentation services provider reported a loss of £509,000 on revenues of £42m in the six months to March 2008. The interim dividend was maintained at 2.5p a share. The comparatives don’t mean much because the company was formed in May 2007 when InvestinMedia acquired Avesco.
Since the end of the half year Avesco has paid £2.1m for broadcast services provider Charter Broadcast. It has annual turnover of £9.1m and tangible assets of more than £8m.
Despite that first half loss FinnCap forecasts full year profits of £3.1m on revenues of £96m. The Beijing Olympics and Euro 08 will contribute about £10m of those revenues.
Avesco is expected to end the year with net debt of £17m. Further deferred payments for the sale of Celador plus a reduction in capital expenditure from £24m to £11m means that net debt should fall to £4.6m at the end of September 2009. This will leave scope for further acquisitions.
That cash generation is expected to be achieved even though FinnCap expects next year’s profits will fall to £1.9m it was previously £5.2m. This is because of a lack of big events and a cautious outlook.
The net asset value, excluding intangibles, is 181p a share but the recent acquisition of Charter will take the figure above 200p a share.
The shares fell 7.5p to 69p, valuing Avesco at £17.3m. The forecast cut didn’t help. The shares are trading on 10 times forecast earnings for 2008-09. The shares yield 8.7%.
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