Mobile data technology and services supplier Belgravium Technologies reported an improved profit but it has decided not to pay a dividend.
Belgravium wants to conserve its cash to pay for a potential acquisition which may require additional debt. An interim dividend might be paid if the acquisition does not go ahead.
In 2014, revenues recovered from £8.43m to £9.41m, while underlying profit improved from £336,000 to £502,000. Net debt was £700,000 at the end of 2014. Access Fire & Security was acquired at the end of the year so £300,000 was paid but there was no contribution from the business, which took Belgravium into fire security systems.
At 5.13p a share, up 0.63p, Belgravium is valued at £5.18m. A 2015 profit of £625,000 is forecast on revenues of £10m – the highest level since 2011. The shares are trading on a modest nine times prospective earnings.
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