News blog

Enables IT

• BY: Andrew Hore |
• POSTED: 24/02/2013 |

IT and network services provider Enables IT Group improved its underlying profit excluding discontinued activities in the year to September 2012.

Enables sold the security services provider Resilience Technology Corporation last summer. There was a £34,000 profit on the disposal. The Enables business reversed into the company formerly known as Nexus Management after the year end. The purchase price was £4.25m. There was a 300-for-one share consolidation at the same time.

Revenues improved from £4.12m to £4.27m in the year to September 2012. Underlying operating profit increased from £282,000 to £352,000. The US generated the majority of revenues but Europe made most of the profit. Including discontinued activities and restructuring costs, a profit of £169,000 last time was turned into a loss of £265,000. Net cash was £370,000 at the end of September 2012.

The businesses are being integrated and further acquisitions are being assessed. The acquired business was reliant on one customer and the merger has reduced this reliance. 

At 16p a share, Enables is valued at £6.3m.

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