News blog
Gladstone
- BY: Andrew Hore |
- POSTED: 26/04/2009 |
Gladstone’s underlying profits improved slightly in the six months to February 2009.
The membership and educational software supplier reported a fall in profits from £756,000 to £98,000 but that was after £690,000 of costs relating to Constellation Software Inc’s bid and attempt to get a representative on the Gladstone board. The underlying profit improvement was 6% on flat revenues of £4.35m. Two-fifths of revenues are recurring.
There was cash of £4.19m at the end of February 2009 and that could rise to £5.1m by the end of August 2009.
The educational software business has not contributed much in the way of revenues but that should start to change in the second half. There will also be an initial contribution from the new Orbit Professional single health club site
House broker Fairfax IS expects flat profits of £1.6m in the full year. The broker forecasts a sharp rise to £2.5m in 2009-10.
At 20.5p a share, Gladstone is valued at £9.9m. The shares are trading on less than 20 times 2008-09 earnings, falling to six in 2009-10. The net asset value is £14.6m, or £6.3m excluding intangibles. The property assets will be revalued at the end of August 2009.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|