News blog

Accumuli

• BY: Andrew Hore |
• POSTED: 11/07/2013 |

IT security services provider Accumuli is involved in a fast-growing market with plenty of scope for expansion - cyber crime costs around £27bn a year - and it is only starting to tap this potential. 

In the year to March 2013, revenues improved from £12.6m to £14.8m and this includes the Webscreen IP that was sold for $10m (£6.3m) during the period. Accumuli signed up 28 new customers during the period. Underlying profit after amortisation slipped from £385,000 to £298,000. Amortisation was £241,000 higher.

Business is being won in the financial services sector and there are more than 250 customers.

House broker finnCap adds back amortisation and one-off costs to its profit figure. It forecasts an improvement from £2m to £2.6m in 2013-14. On that basis, Accumuli is trading on just over 11 times 2013-14 prospective earnings.

Net cash was £7.16m at the end of February 2013 and since then £2.6m net has been spent on the acquisition of Signify Solutions, which provides managed service Two-Factor Authentication (2FA), using public key cryptography algorithm and its own Passcode OnDemand software, which enables secure remote access to a network. There is currently net cash of around £3.5m.

Accumuli says that it will pay dividends equal to around 30% of pre-tax EBITDA. The first is 0.4p a share. Next year an interim and final dividend are likely.

At 15.25p a share, Accumuli is valued at £22.7m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf