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Dillistone Group

  • BY: Andrew Hore |
  • POSTED: 26/04/2012 |

Recruitment and executive search software provider Dillistone Group achieved organic revenue growth of 12% in 2011.

Overall revenues grew 28% to £5.45m, including a £689,000 contribution from Voyager Software, which was acquired in September. Recurring revenues increased from £2.54m to £3.25m. Pre-exceptional profit rose from £1.18m to £1.41m.

Net cash was £1.62m at the end of 2011. Cash generated from operations covered £580,000 of product development costs capitalised and £609,000 paid out in dividends, as well as part of the cost of Voyager.

The total dividend is unchanged at 3.5p a share - after the two-for-one bonus issue that appears to have successfully narrowed the bid/offer spread on the shares.

The American market is recovering but Europe is still weak. The .NET version of FileFinder executive search software is being rolled out. Voyager’s software is also being updated.

There are £200,000 of annualised savings from the integration of Voyager and the full benefit will come through in 2012. Recently appointed broker WH Ireland forecasts a rise in full year profit to £1.57m.

At 74p a share, Dillistone is valued at £13.5m. The shares are trading on a prospective 2012 multiple of 11.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2012_31.pdf

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