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Dillistone Group

  • BY: Andrew Hore |
  • POSTED: 07/10/2012 |

Recruitment and executive search software provider Dillistone Group has grown its revenues on the back of last year’s acquisition of Voyager Software.

Interim revenues rose 58% to £3.6m. Organic growth was 4%, down from 12% in the previous year. The market is tough as the recent Bond International Software results show so any organic growth is positive. Dillistone is benefiting from the launch of the latest version of its FileFinder software. The first Dillistone client is buying Voyager software. Voyager has just launched its latest software and this will help the business to grow next year.

Underlying interim profit is 22% higher at £800,000 with most of the improvement coming from Voyager.

There is cash of £1.57m in the bank and this figure should be maintained at the end of 2012. The dividend has been increased for the first time in four years. The interim is 1.2p a share, up from 1.1667p a share and a total dividend of 3.75p a share is forecast for 2012, up from 3.5p a share.

Analysts forecast a rise in full year profit from £1.4m to £1.6m.

At 67p a share, Dillistone is valued at £12.2m. The shares are trading on ten times prospective 2012 earnings.

Dillistone is seeking further add-on acquisitions which have an existing customer base that could upgrade to Dillistone/Voyager products. This will help to grow market share.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

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