A strong interim performance by geological information and services provider GETECH Group has led to house broker WH Ireland upgrading its full year profit forecast.
WH Ireland has increased its 2012-13 profit forecast from £1.7m to £1.8m. GETECH has already secured the majority of the forecast full year revenues of £7.25m.
In the six months to January 2013, revenues improved from £3.19m to £3.97m thanks to large data sales and a contribution from Globe subscriptions, which provide longer-term visibility. Even so, a repeat of the high margin sales is not expected in the second half. Pre-tax profit jumped from £358,000 to £1.4m.
At 67.5p a share, up 3p, GETECH is valued at £19.8m. Net cash was £5.32m at the end of January 2013. A full year dividend of 1.4p a share is forecast.
The shares are trading on 15 times 2012-13 prospective earnings, falling to 14 for 2013-14.
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