News blog

InterBulk Group

  • BY: Andrew Hore |
  • POSTED: 20/12/2009 |

Transportation equipment and services provider InterBulk Group reported lower revenues and profits in the year to September 2009 but there are signs of improvement in trading.

Revenues declined from £250m to £232m, while pre-exceptional profits fell from £4.61m to £2.97m. That doesn’t include the costs of renegotiating debt facilities or a £800,000 bad debt. There were also £400,000 of reorganisation costs.

Dry bulk revenues were lower because of the weak construction market hitting the transport of cement among other things. The weak polymer market was also a problem. Liquid bulk revenues and profits grew. New customers include AkzoNobel. Asian demand is resilient.

There is a general overcapacity in the tankcontainer market but utilisation rates are improving.

Net debt was £118m at the end of September 2009. Movements in the Euro increased the sterling figure. Interest costs will increase by £2m following the renegotiation of bank facilities. However, the cash costs will not be that much. The mezzanine debt is £33.8m and this has an interest charge of 12% but it is added to the principal. This means that cash flow will be stronger than profits.

House broker Arden forecasts a fall in profits to £500,000 in the year to September 2010 but operating profits will hold up much better than that.

At 4.25p a share, InterBulk is valued at £12.9m.

© 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 This material may not be published, broadcast, rewritten or redistributed.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

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds