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Bond International Software

  • BY: Andrew Hore |
  • POSTED: 09/04/2012 |

Recruitment software and outsourced services provider Bond International Software reported higher profit in 2011 from a combination of organic growth and a full year’s contribution from US acquisition VCG.

VCG was included for 1.5 months in the 2010 figures. Revenues grew 30% - 12% organic - to £36.8m in 2011, while bond moved from loss to profit. The underlying profit was £2.4m, against a £200,000 loss in 2010.

Recurring revenues are 28% higher at £22.4m and they cover 83% of fixed overheads.

Most of the growth in revenues and profit came from the recruitment software business although the outsourcing operations also grew. The UK market is tough but there are growth prospects in Japan, China and America.

Net debt was £987,000 at the end of 2011. The dividend has been increased by 50% to 1.2p a share.
House broker Cenkos forecasts a profit of £2.9m in 2012. The move to a tax charge, rather than a tax credit relating to R&D investment, means that earnings per share will be flat at 4.5p.

At 59.5p a share, Bond is valued at £21.8m. The shares are trading on 13 times prospective 2012 earnings.

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