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Geong International Ltd

  • BY: Andrew Hore |
  • POSTED: 07/12/2008 |

Enterprise content management software provider Geong International Ltd increased its pre-tax profits by 42% in the six months to September 2008.

Interim revenues grew 66% to £5.17m, while profits rose from £274,000 to £388,000. The business is second half weighted and this year should not be different.

Cash generation is a concern - as it is with many Chinese companies. Net cash has fallen by three-quarters to £470,000 despite the increased profit. Cash generation should improve in the second half.

New contract wins have taken the order book to £12.9m.

House broker Seymour Pierce is maintaining its full year profit forecast at £2.2m - double the previous year’s outcome. A higher tax charge means that earnings growth is slower.

At 27.5p a share, Geong is valued at £8.67m. The shares are trading on just over four times forecast earnings. 

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