News blog

Accumuli

• BY: Andrew Hore |
• POSTED: 11/04/2013 |

IT security services provider Accumuli says that it will be declaring a maiden dividend with its full year results.

There was £7.9m in the bank at the end of March 2013. Further acquisitions are planned but cash flow is strong enough to pay a dividend of around 30% of pre-tax group EBITDA. House broker finnCap forecasts a dividend of 0.43p a share.

EBITDA improved from £2.1m to £2.5m in the year to March 2013. Second half revenues were 25% higher than revenues in the first half with the full year revenues improving from £12.6m to £14.8m. The figures are in line with expectations. A tax rate of 9% is forecast.

Accumuli raised $10m (£6.3m) from the sale of Webscreen Systems to Juniper Networks, although costs of the disposal were $1m. Webscreen was part of an acquisition made in 2011 and the initial investment is estimated at £1.5m. Book value was around £2.1m. Accumuli will continue to sell Webscreen products.

At 12.25p a share, up 0.88p, Accumuli is valued at £18.2m. The prospective yield is 3.5%.

The full year figures will be published at the end of May.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2013_43.pdf