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Baqus

• BY: Andrew Hore |
• POSTED: 31/03/2008 |
• COMMENTS: Add yours

Quantity surveyor Baqus is starting to see the benefits of the merger of three separate firms when it floated last December. 

Baqus reported pro forma profits of £440,000 on revenues of £3.68m in the six months of December 2007. The group has an order book worth £10.1m, which stretches out over more than three years. Demand for budget hotels is growing.

Baqus is paying an interim dividend of 0.05p a share - based on the few weeks of 2007 it was quoted. It intends to pay out at least 40% of post-tax profits as dividends.

Baqus has £1.8m in the bank and is talking to two potential acquisitions. Management is keen to continue to acquire firms through a mixture of cash and shares even though the share price has fallen since the flotation.

Seymour Pierce forecasts a pro forma profit of £1.1m in the year to June 2008. At 8.5p, the shares are trading on 13 times forecast earnings. 

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