News blog
Cello Group
- BY: Andrew Hore |
- POSTED: 17/03/2009 |
Marketing services provider Cello Group managed to edge up its profits in a tough year.
Operating income rose 17% to £66.6m, while underlying profits improved 3% to £7.3m in 2008. The board shows its confidence by increasing the total dividend from 1.2p to 1.25p a share. The final dividend is unchanged at 0.75p a share.
Cash generation was strong and net debt was £10.9m at the end of 2008. Deferred consideration of £7.98m is due to be paid in 2009 but not all of it will be in cash. A further £6.45m is payable in more than one year.
Market research remains the largest part of the business and it is growing internationally.
At 32.5p a share, Cello is valued at £14.5m.
Altium forecasts a small decline in profits to £6.7m in 2009. The shares are trading at less than four times prospective 2009 earnings.
The year has started strongly with new contract wins. Public sector work is increasing and helping to replace the financial services sector business that has been lost.
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