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Education Development International

  • BY: Andrew Hore |
  • POSTED: 04/03/2008 |

Education Development International’s house broker has upgraded its profit forecasts for the fourth time in just over six months. 

Brewin Dolphin has edged up its forecast profit for the year to September 2008 from £2.8m to £2.9m. A £900,000 contract comes to an end this September but Brewin Dolphin has only knocked £400,000 off its 2008-09 turnover forecast and maintained its profit forecast at £3.3m.

Vocational awards body ASET was acquired last November. Its York office has been closed and the Macclesfield office scaled back. Finance and admin have been transferred to EDI’s head office. These cost savings will start to come through this year.

At 42.25p, EDI is valued at £24.3m. The shares are trading on just over eight times forecast earnings for this year. That is based on a nil tax charge because EDI won’t pay tax until 2009-10. Even if a normal tax charge is assumed the multiple is still a relatively modest 12 times. 

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