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eg solutions

  • BY: Andrew Hore |
  • POSTED: 17/09/2014 |

Back office optimisation software provider eg solutions had a much stronger first half and revenues were nearly as high as for the whole of the previous financial year. 

In the six months to July 2014, revenues jumped from £2.24m to £3.99m following a change in management and the return of founder Elizabeth Gooch as acting chief executive. The latest figure included £900,000 of one-off income from a multinational customer. That income came through the agreement with Aspect Software and there could be more to come. The relationship with reseller Aspect has worked best in Asia and it should improve in the Americas following the appointment by eg solutions of a US sales manager.

There was a swing from a loss of £735,000 to a profit of £621,000. The company will continue to be profitable in the second half but additional staff has been taken on so the cost base will rise.

There was a convertible loan note issue issued during the period and this is valued at £577,000 in the balance sheet. Net cash was £255,000 at the end of July 2014.

At 80p a share, up 5.5p, eg solutions is valued at £13.2m. There was a large upgrade in forecast earnings per share from 1.4p to 2.4p. The shares are trading on 33 times prospective 2014-15 earnings. There is an order book of £13m that is spread over four years. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2014_60.pdf

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