Storage equipment manufacturer and storage services provider Vindon Healthcare had a tough first half which led to a lower interim profit even though storage revenues continue to grow.
The equipment business has been hit by competitions and weak demand. On the plus side, the Irish storage business moved into profit.
In the first half of 2012, revenues rose 6% to £3.31m thanks to strong US income, which was 53% higher, and Irish storage growth. UK revenues were lower. Gross margins came under pressure and pre-tax profit fell from £416,000 to £300,000.
Cash generation remains strong and net debt was reduced to £1.52m by the end of June 2012.
Contracted future income was £4.4m at the end of June 2012. However, sales visibility is poor on the equipment side.
At 11.75p a share, Vindon is valued at £10.4m.
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