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Belgravium Technologies

  • BY: Andrew Hore |
  • POSTED: 06/09/2012 |

Mobile data capture systems supplier Belgravium Technologies was hit by customersí delaying orders and profit halved in the first half.

House broker WH Ireland slashed its 2012 profit forecast from £1.03m to £500,000. Shares in Belgravium fell 1.5p to 5.88p, which values the company at £5.93m. That is 14 times prospective 2012 earnings.

In the six months to June 2012, revenues fell 9% to £4.32m, while the pre-tax profit fell from £321,000 to £151,000. Belgravium had stocked up ahead of expected orders but it still had net cash of £1.57m at the end of June because of a sharp fall in debtors. 

Belgravium continues to invest in new products and it has also signed up partners with add-on equipment. The latest is vehicle telematics equipment supplier Isotrak. An illustrative example of what this could contribute to Belgravium is a client with 120 vehicles could invest £300,000 in hardware and pay £72,000 a year in recurring revenues. This income would be split between the Isotrak technology, where Belgravium has not had to invest in development, and Belgraviumís own products.

Belgravium intends to continue with a progressive dividend policy and it is expected to double its dividend to 0.2p a share this year. The prospective yield is 3.4%.

The second half is always much stronger than the first half and some delayed orders have already come through.

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