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Proactis
- BY: Andrew Hore |
- POSTED: 30/09/2009 |
Proactis returned to profit in the year to July 2009 and it is paying a maiden dividend of 1p a share.
The spend control software supplier grew revenues by 7% to £7m, while the reported 2007-08 loss of £528,000 was turned into a profit of £950,000. Underlying profits improved from £933,000 to £1.11m. The comparative figures included restructuring costs of £1.38m.
The company is cash generative. The net cash figure doubled to £2.38m at the end of July 2009.
Annualised recurring revenues are £3.1m.
The shares fell 1p to 38.5p each, which values Proactis at £11.9m.
House broker Daniel Stewart forecasts profits of £1.3m for the year to July 2010. That puts the shares on 12 times 2009-10 earnings – based on an 18% tax charge.
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